Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are mixed, as US has indicated that deal talk are still dynamic and China offered good deal in agriculture.The oil prices are at $67.55/bbl(0.01%) as OPEC JMMC had meeting and remained constructive on cuts and USDINR at 68.62(0.10%) reversal due to crude prices and profit booking.
We expect markets to be Neutral to Positive as FIIs buying is continuing with high momentum and trade deficit narrowed more than estimated.
Important Day Close Level is 11070/11515
Stock of the Day :
Coffee Day Enterprises Ltd. - Stop Loss 295/285 & Target 325/345/355
L&T has filed an acquisition press release on exchange as post buyback announcement by promoters of MindTree it won't be able to do so. In the press release it is detailed that it will acquire 20.32% of VG Siddhartha and his companies at Rs 980/share which is total of Rs 3269cr. Of this Rs.1,715 cr will go directly to Coffee Day Enterprise and help reduce the debt which stands at Rs.4,411 cr as on September 2018. Though we are negative in medium and long term on the company.
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 20% 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.