Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia indices are positive as FED does a $50Bn Repo again and China has assured that post market open there will be sufficient liquidity pushed in system. The oil prices are at $59.34/bbl(0.02%) as OPEC+ plans to extend cuts to June and will look into deeper cuts if the virus impacts demand. USDINR at 71.24(0.00%) there is a small relief as crude lower impacts the import price.
We expect markets to be Neutral to Positive as Budget anticipation rally will continue at new high along with new money getting attracted in broader market.
Important Close Level is 11894/12460
Stock of the Day :
Reliance Industries Ltd. - BUY - Stop Loss 1450 & Target - 1505/1525
(IMP : Do not trade if opens at Stop loss/Target levels)
Budget should present a roadmap for the country to be more gas based economy and that should promote gas based market price and exchange. This will help companies new gas production that is expected to hit in Q2 FY21.
We would be positive for intraday trade.