Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are negative. The oil prices are at $60.86/bbl(-0.77%) saw an overnight top of $61.3/bbl the US Inventory data came at -2.68Mn bbl vs estimates of -2.5Mn after number of week it met estimates and USDINR at 70.98(-0.01%) crude strength creates weakness but dollar index remained flat.
We expect markets to be Neutral to Positive as results of HUL & Reliance will keep index up but crude price rise will bring it under pressure.
SPICEJET : News sources has claimed that Spicejet is interested in Jet Airways. We believe this might possible in terms of a 25% or higher stake as this helps the company create more inclusive airline. This transaction might cost Spicejet Rs.834cr or more which stretches its balance sheet but we believe there more positive for company than negative.
Important Day Close Level is 10727/10951
Stock of the Day :
Cyient Ltd. - Stop Loss 609/596 & Target - 635/642/661
Q3FY19 results and buyback is to be announced today. Results are estimated to show 10-15% revenue growth along with 100-110cr Profit as it lower margin quarter. Buyback should be for an amount of Rs.300-350cr which will be 4-5% of current market cap with a prices 700+.
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.