Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as from tomorrow US-Japan start trade talks and US treasury sec. has confirmed conclusive progress with China deal .The oil prices are at $71.28/bbl(-0.34%) as physical markets feel squeeze from Libya as the fight intensify and can lead to stoppage of oil production .USDINR at 69.17(0.00%) dollar swap window coming up keeping pressure on dollar exchange.
We expect markets to be Neutral to Positive as Phase I of the elections get over , there still is positive flows from both FII & DII but becoming more stock specific flow.
Important Day Close Level is 11570/11770
Stock of the Day :
APL Apollo Tube Ltd. - Stop Loss 1428/1385 & Target 1489/1523
Company did acquisition of 2,00,000 MTPA of tubes from Shankara Building products at Rs.70cr which will be funded by internal funds. This is positive as strengthens company South India position and the capacity is currently at 40% utilisation and will increase to 80% in near future as Apollo has distribution.
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 BOOKED SOME PROFITS AND INCREASED CASH POSITION TO 30%.
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.