Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are mixed as China delegations continue to plan the visit as scheduled even after the tweet from USA president.The oil prices are at $71.12/bbl(-0.17%) as China visit is on and Saudi is not promising any particular output with increase in its prices to Asia and USDINR at 69.35(0.04%) as crude spikes and dollar index is contained.
We expect markets to be Neutral to Negative as FIIs turned sellers in past two trading session without matching of DII which creates larger impact of smaller quantities and crude spiked again.
Important Day Close Level is 11470/11770
Stock of the Day :
Sterlite Technologies Ltd. - Stop Loss 187/184 & Target 196/202/205
Company has done a press release that it has reached "in-principal" agreement with lenders to release 97% promoter holding which is pledged by July 2019. This would result in an amount of Rs. 4,000cr as on date. This would come as a relief to investors stuck with the stock. Though we have negative on the fundamentals but this event would create a positive sentiment for the day at least.
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.