Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive as US-China trade talks start with Trump to meet delegation today. The oil prices are at $59.38/bbl(0.47%) as OPEC reports lower supply with stable demand . USDINR at 70.99(0.00%) as Dollar index pares gain on FED doing limited rate cuts.
We expect markets to be Neutral to Negative as FII selling is across and India GDP faces further downgrades.
Important Close Level is 11032/11404
Stock of the Day :
Bharat Forge Ltd. - SELL - Stop Loss - 445 & Target - 411/400/385
(IMP : Do not trade if opens at Stop loss/Target levels)
At Analyst meet it mentioned that all sectors are facing big pressure and are unlikely to show any big uptick in short term that will impact earnings growth. Defence revenues will double by 2023.
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 AS DATA IS STILL SHOWING SLOW GROWTH.
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.