Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are positive as Automotive tariff are recommended to be delayed by 6 month final decision will be on 19th May.The oil prices are at $72.94/bbl(0.23%) as Middle East tensions are keeping support and JMMC meet on the weekend. USDINR at 70.22(0.03%) as crude remains near $72/bbl and FII selling puts pressure more stronger.
We expect markets to be Neutral to Negative as FII selling continues there is pressure on an rally in addition Crude is also up due to Middle East tensions.
Important Day Close Level is 10983/11352
Stock of the Day :
Praj Industries Ltd. - Stop Loss 126/123 & Target 136/139/142
Revenue grew compared YoY & QoQ as the progress of ethanol blending increased which is 70% of the revenue. PAT came at 33.36 cr compared to 26.81cr in Q4FY18 and 22.43cr in Q3FY19 this shows the company has become a consistent performer. Balance sheet has remained strong with no debt and cash plus investments balance of 240cr.
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 DOWNSIDE WITH GLOBAL MARKETS ALONG WITH ELECTIONS RESULTS CLOSE AND WE HAVE BOOKED SOME MORE PROFITS AND INCREASED CASH POSITION TO 45% FROM 40%.
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.