Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA lists outs good for tariff hike from EU.The oil prices are at $64.31/bbl(-0.39%) as Iran breaches the limit of uranium and its ultimatum to EU finished on Sunday. USDINR at 68.45(0.03%) as Budget Fiscal deficit is targeted at 3.3% and overseas funds is to be raised which will increase $ flow.
We expect markets to be Neutral to Negative as buybacks gets taxed and LTCG removal is not there.
Important Close Level is 11788/12021
Stock of the Day :
Indiabulls Housing Finance Ltd. - BUY - Stop Loss 704/690 & Target 749/769/790
(IMP : Do not trade if opens at Stop loss/Target levels)
Budget gave permission backed by credit gaurantee to PSBs for buying Pool A graded loans from NBFCs worth Rs. 1,00,000cr and in relation to the same RBI has notified to relax the collateral norms which infuses Rs. 1,34,000cr liquidity in PSBs.This would help large NBFC who couldn't raise money through CPs recently.
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.