Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are flat negative, US closed with heavy loss more than 1.5%. The oil prices are at $77.65/bbl(-0.01%) this is due to statement by Saudi again but this time mentioning high inventories in system to keep slow on production. USDINR at 73.32( 0.26%) will open flat as dollar index flat and have seen a low of 73.46 which might come during the day.
We expect today to be a Neutral toNegative , Rupee open is flat and FII sell off to continue along with cautious commentary by Piramal enterprises on NBFC & real estate sector. Oil again has come back to $78 levels and some results might keep index on the upside but we expect profit booking in those results too.
Important Day Level is 10027/10125
Stock of the Day :
Divi's Laboratories Ltd. - Down Level 1274/1312 & 1241/1210
Q2FY19 results announced were better on both QoQ and YoY due to last year same quarter one main unit was under import alert which was was removed in Nov 2017and higher exports on generic side as it hasn't faced much pricing issue. Though the company has taken a decision to put a capex of Rs.1500cr in 2019 we would treat it negative as the cashflow generation in past six months has been weak so it will use most of Rs.1900cr cash on books.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY , 30 MIN AND 2MIN SUPPORT , WHICH INDICATES A SLIGHT REVERSAL. BUT WE BELIEVE CLOSE OF BELOW 10027 WILL BRING NEW LEVEL OF SHORT AND CAN EXTEND THE FALL. WE WOULD BE WITH CASH FOR INVESTING AT LOWER LEVELS AS COMING 3 MONTHS WILL BE VOLATILE.
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.