Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are slight negative as BREXIT timetable motion failed to pass and PM has promised to get through the same with small extension. The oil prices are at $59.42/bbl(-0.47%) as OPEC is thinking of deeper cuts in December meeting. USDINR at 70.81(0.00%) as dollar index and FII were sellers there was slight pressure.
We expect markets to be Neutral to Positive even after some selling by FII that cann be contributed by Infosys.
Important Close Level is 11404/11687
Stock of the Day :
M&M Finance Ltd. - SELL - Stop Loss - 354 & Target - 316/305
(IMP : Do not trade if opens at Stop loss/Target levels)
Asset quality is stable but operationally weak quarter. Credit cost spiked along with low disbursal growth. This shows weakness in the rural market and AUM growth was 22%.
We would be negative 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 DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY AND STOCK SPECIFIC RALLIES . THE DATA IS STILL WEAK THOUGH THERE WILL SOME UPTICK IN OCTOBER.
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.