Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are negative as some profit booking coming and difference come up as currency is mentioned during trade talks .The oil prices are at $6689/bbl(-0.43%) Venezuela sanctions impacting supply more than estimated and USDINR at 71.14(0.12%) went till high of 70.97 overnight.
We expect markets to be Neutral to Positive as PSB recap of Rs. 48,239cr was announced which makes total recap of Rs. 1Lk cr till date in FY19.
Important Day Close Level is 10589/10956
Stock of the Day :
Tech Mahindra Ltd. - Stop Loss 791/785 & Target 822/835/850
Board meeting will take place today to discuss and approve buyback of shares. Company is having cash & cash equivalents amounting to Rs. 2,771 cr and investments of Rs. 3,587 cr with a Market Cap of Rs. 79,800 cr. The buyback should be in range of 3-4% of market cap that would result in amount of Rs. 2,400 cr - Rs. 3192 cr with 10% premium of yesterday close.
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 20% 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.