Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative as USA imposes anti-dumping duty on some articles which escalates the trade tensions.The oil prices are at $68.00/bbl(0.22%) it saw level of sub $67/bbl overnight but there was reversal at end of day and USDINR at 69.66(0.05%) lower crude and FII small selling is putting a little pressure but we expect buying to return in new series.
We expect markets to be Neutral to Positive as market in someway have digested that there will be new FM . There would be another round of response when it is revealed that who is the new FM.
Important Day Close Level is 11575/12035
Stock of the Day :
Bharat Electronics Ltd. - BUY - Stop Loss 109/107 & Target 117.5/120
Q4FY19 results were above than estimates. The order book is health at around Rs. 51,000cr of which almost 50% is new orders won in 2018-19. Execution of one major order for EVM machines which were supplied for elections was the driver of growth and profitability this quarter.
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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING SIX MONTHS POST ELECTION WHICH WOULD BRING BIG UPSIDE IN MIDCAPS TOO. REDUCE CASH ALLOCATION TO 25%.
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.