Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive as some hope of US-China working out a solution to trade problem is there but tariffs will increase as of now.The oil prices are at $71.06/bbl(1.18%) as some solution is expected and OPEC production came at 30.26mn bbl and USDINR at 70.04(-0.04%) as crude remains near $70/bbl and FII selling puts pressure.
We expect markets to be Neutral to Negative as FIIs selling continues and global sell off extents with uncertain outcome of Indian Elections.
Important Day Close Level is 11168/11570
Stock of the Day :
Bajaj Electricals Ltd. - Stop Loss 536/542 & Target 519/512/507
March 2019 company board approved fund raising of Rs.165cr via NCD on private placement basis which was being raised due to working capital needs at not more than 11%. But yesterday company announced in exchange filing that it has withdrawn the issue as no bids were placed. This is very negative for high working capital company.
We would be negative 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 MORE PROFITS AND INCREASED CASH POSITION TO 40% FROM 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.