Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed as Bexit motion was struck down in parliament yesterday. The oil prices are at $60.55/bbl(-0.07%) this was due EIA report on OPEC & US production which came in lower than estimated and USDINR at 71.08(-0.01%) dollar index went up as EURUSD & GBPUSD went weak.
We expect markets to be Neutral to Positive as there is Cabinet meeting which is scheduled.Two increase in Govt. spend is already announced one is MNREGA increase of Rs.6,500 cr making total spend of Rs.61,000 cr highest ever and second shoot up of fertiliser subsidy.
BREXIT : Overnight UK Parliament voted against the PM May Brexit Motion . Now she would face a Vote of Confidence today most likely she will be ale to pass through post which she has to bring a new deal or second referendum markets are somewhere factoring this. Second is EU is already in process to pass emergency law for No deal brexit situation.
Important Day Close Level is 10727/10951
Stock of the Day :
DCB Bank Ltd. - Stop Loss 176/171 & Target - 191/196
Q3FY19 results are to be announced today and past couple of quarters bank is receiving the benefit of investing in branches which it started two years back. We expect NII to growth 14%-16% with profit to grow 23-25%. The Asset quality expect any IL&FS if there is should show improvement QoQ.
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 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.