Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative , as Trade talks were a mere rumour or stunt being played due to Mid -Term elections. The oil prices are at $72.38/bbl(-0.26%) Iran sanctions kick at 10.20am India Time today and as seen in data provided by Tanker Trackers Iran exports have dipped to 1.6 mln B/d from 2 mln b/d and USDINR at 72.87( -0.29%) will open lower as dollar index gain and oil prices have come off.
We expect today to be a Neutral to Negative , as Trade talks were not confirmed news and Iran sanctions hitting today and US giving details at night.
Important Day Close Level is 10472/10600
Stock of the Day :
AXIS BANK Ltd. - Down Level 602/585 & Up Level - 617/625
Q2FY19 results announced which were inline as loan growth was high and asset quality improved but CASA growth was low and due to lower high yield borrowers the RoA(Return on Assets) was at 2.2%. We still positive on the stock for the day.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY AND ABOVE 2 MIN AND 30 MIN 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 ADVISE TO INVEST 5-8% OF CASH LEVELS HERE IN ADVISED PORTFOLIO.
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.