Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as profit booking is hitting all markets as USA nears all time high again.The oil prices are at $74.14/bbl(-0.50%) as Saudi has commented that it will increase its supply in next two months and come to OPEC compliance level and USDINR at 69.77(0.08%) as markets have high dollar which is keeping pressure on the currency though even spike in crude occurred.
We expect markets to be Neutral to Negative as election expectations takes back seat and real factors come up front as crude spikes $75/bbl and creates issue for physical market.
Important Day Close Level is 11470/11700
Stock of the Day :
Sasken Technologies Ltd. - Stop Loss 695/675 & Target 720/732/748
Q4FY19 results showed a strong growth QoQ - Revenue increased to Rs.136cr from Rs.121cr and PAT increases to Rs.27.45cr from Rs.18.07cr. Buyback is also announced at Rs.850/share which is 20% premium to yesterday close. Total amount of buyback is Rs. 170cr which 13.5% of market cap and dividend of Rs.12.5/ share is also announced.
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 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.