Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are mixed, as China has reduced GDP estimates.The oil prices are at $65.33/bbl(-0.40%) and USDINR at 70.50(0.05%) as crude prices are down and India politics takes front stage.
We expect markets to be Neutral to Positive as rate cut odds have increased and FII buying is coming through Active Funds rather than ETFs which is in favour of buying MidCaps.
Important Day Close Level is 10820/11145
Stock of the Day :
Edelweiss Financial Ltd. - Stop Loss 150/148 & Target 158/163/171
CDPQ North America's largest pension fund which is already invested in Edelweiss ARC ltd. has decided to invest Rs.1800cr ( $250mn) over next two years in ECL Finance Ltd. which is wholly owned subsidiary of the company taking up lending business. It is expected that funding will be done through convertible instrument which will amount to stake in teens percentage post conversion within 24 - 60 months.
Currently net worth is at Rs.5000cr and Debt to Equity is 5:1 , post the infusion this will reduce the leverage of the company. This is to bring higher capital adequacy rather than liquidity. Though we are negative in medium and long term for the company.
We would be positive 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 SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 20% LEVEL AS OF NOW.
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.