Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as there is a tariff cut by USA on South Korea steel imports but China raised tariff on tubes and pipes import from EU & USA.The oil prices are at $61.85/bbl(0.59%) as two tanker were attacked in Gulf of Oman yesterday which is being investigated and most likely Iran led attack. USDINR at 69.56(0.05%) as US Dollar index strengthens and crude rises.
We expect markets to be Neutral to Positive as preparations for budget take speed and there are various proposal being considered.
Important Close Level is 11840/11985
Stock of the Day :
Hexaware Technologies Ltd. - BUY - Stop Loss 342/339 & Target 358/362
(IMP : Do not trade if opens at Stop loss/Target levels)
Company in a press release announced that it has entered into an agreement to acquire Mobiquity based in USA via its subsidiary in USA . The revenue generated by the company have increased from $56mn in 2018 to $70Mn in 2019. Amount paids is split into $131Mn paid in upfront and $51mn performance based payment. The acquired company has affiliation with Amazon Web Servers and is expert consultant in Cloud technology in Pharma & Bank space.
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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING SIX MONTHS POST ELECTION WHICH WOULD BRING BIG UPSIDE IN MIDCAPS TOO. REDUCE CASH ALLOCATION TO 25%.
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.