Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are slight negative as there is some profit booking from yesterday rally .The oil prices are at $63.27/bbl(0.49%) even as USA Inventories showed a draw of -10.38 mn bbl inline with estimate but global growth worry is high . USDINR at 68.97(0.12%) as crude and dollar index softens from recent high.
We expect markets to be Neutral to Negative as FII have sold futures and cash markets there might some bit of bounce if there is short covering.
Important Close Level is 11175/11375
Stock of the Day :
ICICI Prudential Ltd. - BUY - Stop Loss 374/370 & Target 394/402
(IMP : Do not trade if opens at Stop loss/Target levels)
Value of New Business (VNB) grew 27% with margins of 21% which is positive as its protection business grows. This is good as it helps increase the future margins and profitability.
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. INCREASE CASH ALLOCATION TO 35%.
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.