Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative China has mentioned that it would pull out from stimulus as it sees signs of stable recovery in second half.The oil prices are at $74.33/bbl(0.23%) as USA announced closure of waivers which would leave a gap of 700-800k b/d which needs to be addressed immediately and USDINR at 69.70(-0.01%) as crude spikes the currency will see downside.
We expect markets to be Neutral to Negative as election expectations takes back seat and real factors come up front as crude spikes $75/bbl and creates issue for physical market.
Important Day Close Level is 11570/11770
Stock of the Day :
Essel Propack Ltd. - Stop Loss 145 & Target 129/125
Company has announced that majority of company will be acquired by Blackstone at Rs. 134 which is 1% premium from yesterday close which is very less if seen scale and prospects of the business. It will also trigger an open offer of Rs.139/share for 26% additional stake taking total sale proceeds to Rs.3200cr approx if completed.
We would be negative for intraday trade and would sell at any gap up.
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.