Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive as USA president is delivering State of Union and news of USA and North Korea meeting at end of month.The oil prices are at $62.04/bbl(0.04%) and USDINR at 71.55(0.08%).
We expect markets to be Neutral to Positive as budget was good and focus on RBI policy is there in which we expect a CRR cut and change in policy stance to neutral.
Important Day Close Level is 10651/10963
Stock of the Day :
Hindalco Industries Ltd. - Stop Loss 209/212 & Target - 199/196/192
Novelis a subsidiary of Hindalco Industries Ltd. has released its December 2018 results which impact Hindalco consolidated results. Sales are down by 3% and Net Profit is down by 35% to $78 million. EBITDA is up by 5.6% on better product mix and operation leverage. Debt which is the main worry is at $3.7Bn with debt to equity of 2.8x. We see this as negative for Hindalco.
We would be negative 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.