Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as USA slams China days ahead of next round of meetings on IPR reforms.The oil prices are at $74.20/bbl(-0.17%) as it reaches critical level of $75.48/bbl and USDINR at 70.16(-0.01%) as crude and dollar index spikes to recent highs.
We expect markets to be Neutral to Negative as we expect volatile markets and crude prices are stable with high end.
Important Day Close Level is 11470/11770
Stock of the Day :
Maruti Suzuki Ltd. - Stop Loss 7000/7080 & Target 6870/6700/6650
Q4FY19 results showed impact of consumer slowdown as QoQ there was pick up in numbers but YoY there was big lag as cost were ahead of price hikes. The company has also decided to stop diesel sales from April 2020 due high cost of BS VI and capex of Rs.4500cr is lined for CY2019. The estimated growth is 4-8% which has downside risk.
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 BOOKED SOME PROFITS AND INCREASED CASH POSITION TO 30%.
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.