Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are mixed, as market awaits more firm news on USA-China Deal.The oil prices are at $66.34/bbl(0.64%) though USA inventories came at 7million bbl which is higher than estimated but that is due to USA SPR release and USDINR at 70.14(0.06%) there is some rationalisation to currency as pressure from USA comes to countries in currency control.
We expect markets to be Neutral to Positive FII buying is coming through Active Funds rather than ETFs which is in favour of buying MidCaps and today Cabinet meeting would give approval to pending policies.
Important Day Close Level is 10820/11145
Stock of the Day :
LT Foods Ltd. - Stop Loss 34.7/33.5 & Target 39.8/42.5
LT Foods one of the leading rice manufacturer has approved to provide 20cr funding via preferential shares to Dawaat Foods Ltd. to improve its cash balance and reduce the capital requirement.
Currently Dawaat Foods Ltd. is manufacturing arm of the company has revenue of Rs. 912cr which 25% of total company revenue and PAT of Rs.33cr which is 23% of total profits in FY2018. It is very important for the company to have lower leverage as receivables also increase.
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.