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Today's Market Influencer :


Today Movement - Neutral to Positive


US market Future Indices and Asia Indices are negative as US-China deal is pushing to May end and China data came in strong yesterday.The oil prices are at $71.41/bbl(-0.29%) as Russia complies with OPEC+ cut and USDINR at 69.48(0.11%) as crude spikes the currency see downside.


We expect markets to be Neutral to Positive as Phase II goes to polling today and Reliance Industries Ltd. result is today.


Important Day Close Level is 11570/11770


Stock of the Day :


Reliance Industries Ltd. - Stop Loss 1325/1305 & Target 1370/1391/1405


Company is expected to report slight improvement in GRMs and lower refining margins but higher than street estimate due to maintaining shutdowns. The main EBITDA growth is expected of JIO with 8% and Reliance Retail . We expect some deleverage signs also to come in consolidated balance sheet.


Over the holiday the company reported that it has sold stake in VLEC( Very large Ethane Carrier) to Japanese firm. These six VLECs were bought at value of $600mn in 2016 and were operated and managed by the Japanese firm. This would provide second deleverage success after selling the pipeline business recently.


We would be positive for intraday trade.



POSITIONAL NIFTY LEVEL :


NIFTY LEVELS





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.