Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive as China & USA start discussion on specific trades opening with chicken trade. The oil prices are at $61.78/bbl(1.00%) as OPEC+ report came out providing for the cuts and showing demand to be strong and USDINR at 71.05(-0.01%) crude strength creates weakness but dollar index remained flat.
We expect markets to be Neutral to Positive as results of HUL & Reliance were positive along with FM at forum conveying that economic situation is more important than fiscal deficit. but crude rise will be overhang on the index.
Important Day Close Level is 10727/10951
Stock of the Day :
Aurbinod Pharma Ltd. - Stop Loss 764/748 & Target - 788/810
Announced acquisition of seven injectable oncology products from Spectrum Pharma (USA) for cost of $300 million divided as $160 million upfront and rest is milestone based. The net sales of these products were $116.2 in Year end Dec 17 and $105 million in Dec 18. Oncology is one of the main expertise of the company and these products will help boost business further as it has capability of increase sales by 30-40% in quick period. Approvals are to come by April 2019.
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 UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 30% LEVEL AS OF NOW.
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.