Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as new Brexit plan was dissed by equity markets and USA PMI data came at 2009 low. The oil prices are at $57.76/bbl(0.76%) as USA Inventories came in higher than estimated . USDINR at 71.15(0.00%) as crude softens but dollar index along with FII selling increases.
We expect markets to be Neutral to Negative but weekly expiry might bring some expiry.
Important Close Level is 11274/11588
Stock of the Day :
InterGlobe Aviation Ltd. - SELL - Stop Loss - 1880 & Target - 1830/1800
(IMP : Do not trade if opens at Stop loss/Target levels)
Promoter Rahul Bhatia has filed a plea in London court for arbitration with Rakesh Gangwal in regards to the shareholding agreement that is the overhang which is keeping the operations overhang.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY WHICH IS AT RISK NOW POST ARAMCO ATTACK. WE ADVISE A CASH ALLOCATION 50%-55%.
Note : These are derived from an Internal Indicator and any movement or close below/above Support/Resistance of one time period moves the Support/Resistance to next time period.
Example : if current market levels is below or above 2 min levels then immediate levels to keep watch are 30 Min levels.