Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative as there fear of China including rare earth minerals export in trade war.The oil prices are at $68.47/bbl(-0.25%) as OPEC+ supply issues keep hold on prices even post US-China deal uncertainty and USDINR at 69.68(0.05%) stable crude but FII buying keeping the upside limited.
We expect markets to be Neutral to Positive as election results have come out positive which will bring in flows from FIIs.
Important Day Close Level is 11575/12035
Stock of the Day :
Aurobindo Pharma Ltd. - Stop Loss 681/690 & Target 666/652
Q4FY19 results were below than estimate though US & Europe showed 21% and 14% growth respectively. EBITDA margin came at 20.2% compared to 23% for the full year. Net Profit after all adjustments were at 2365cr against 2423cr in Q4FY18. The balance sheet as also stretched in terms of working capital.
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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING 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.