Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as USA confirmed that the mood for deal signing was good post comments that there might be another delay with S&P 500 all time high . The oil prices are at $62.50/bbl(0.28%) on trade optimism but saw US Inventories build up higher than anticipated . USDINR at 71.97(0.01%) as crude softens and AGR payments will ease fiscal.
We expect markets to be Neutral to Positive as ground data is negative but this pushes government to further boost with measures that are populist.
Important Close Level is 11580/12021
Stock of the Day :
Axis Bank Ltd. - SELL - Stop Loss - 725 & Target - 686/667
(IMP : Do not trade if opens at Stop loss/Target levels)
Telecom companies result were released with total accumulated loss due to AGR worth Rs.53,000cr. Even Bharti group has issued statement putting a doubt on capability to raise such funds in stipulated time. Axis Bank has highest exposure in terms of % of advances that amounts to 2.82% (Rs 14,015cr).
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS -
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE UNTIL NEW SET OF REFORMS ARE ANNOUNCED BY GOVERNMENT . THE DATA IS STILL WEAK THOUGH THERE WAS UPTICK IN OCTOBER BY REFORM DEPENDENT MOVE IN NOVEMBER.
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.