Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are mixed, as UK parliament votes in favour of no brexit without a deal, this will likely create a scenario of extension .The oil prices are at $67.75/bbl(0.30%) as US Inventory showed a -3.16 mn bbl vs 2.56 mn bbl estimate cause of long winter and USDINR at 69.63(-0.07%) as crude spikes but supported by FII inflows.
We expect markets to be Neutral to Positive as Forex Swap is announced which will push a liquidity into banks.
Important Day Close Level is 11070/11377
Stock of the Day :
State Bank of India - Stop Loss 285/281 & Target 296/301
RBI has announced a $5Bbn forex swap window on 26th March 2019 for 3 year period. Which means banks can sell the USD in exchange INR and repurchase that USD after period of 3 years. The Rupee has increased strength given the new FIIs inflows which is benefit to such swap deals. We expect this to be liquidity booster for banks which would support the loan growth.
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.