Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as US-China have agreed on 90% of terms only sticking point is now existing tariffs and China Vice Premier will meet US President Today .The oil prices are at $69.34/bbl(0.03%) as US Inventory came at 7.2 mn bbl as compared to estimate of -1.2 mn bbl . USDINR at 68.45(-0.08%) as crude prices soften and second dollar swap window is announced for April 23.
We expect markets to be Neutral to Positive as RBI would mostly be announcing a cut and giving more dovish commentary or even change of stance.
Important Day Close Level is 11570/11770
Stock of the Day :
Amara Raja Batteries Ltd. - Stop Loss 682/700 & Target 654/632
Jonson Control the main technology and shareholder in company has sold there power tech business to Brookfield globally in consequence of that all agreement between the company and JC are terminated.
This is big negative for the company as business is heavy technology dependent and as industry moves to EV it becomes even more complex. Even having 26% held by JC was driving a premium to the stock and the overhang of future outlook and stake sale will build further pressure in environment where industry is facing slowdown.
We would be negative for intraday trade and SELL rating for the company.
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.