Today's Market Influencer :
Today Movement - Positive with Some Profit Booking
USA and Asia markets including China are slightly negative as the no.of deaths due to virus cross the number SARS and cases reach to 40,000 above. The oil prices are at $54.59/bbl(0.67%) as OPEC+ did not agree to new cut and demand of oil from China and other countries is in doubt. USDINR at 71.52(0.00%) has been rising post budget given the fiscal slippage.
Important close levels - 11740/12140
Stock of the Day :
SAIL Ltd. - SELL - Stop Loss 238 & Target - 247/252
(IMP : Do not trade if opens at Stop loss/Target levels)
As a lot of commodities have taken a large hit on price and demand due to Coronavirus we expect larger impact on steel demand. In addition Govt is planning to sell 5% of company via OFS that would impact liquidity. In addition to disappointing numbers from Steel sector.
We would be negative for intraday trade.