Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive , tonight are midterm elections in US with poll showing Republicans to regain control of Congress and Iran sanctions have provided waiver on the face of it. The oil prices are at $72.91/bbl(0.30%) Iran sanctions details were mentioned where India got waiver on face of it but if gone into details SWIFT will not allow payments so it money has to be kept in India with a local bank and USDINR at 72.82( -0.05%) will open lower as dollar index gain and oil prices are up.
We expect today to be a Neutral to Negative , as Iran sanction waiver are given the process is very difficult and it is waiver for six months. We believe there is profit booking before midterm and Fed meet on Wednesday & Thursday.
Important Day Close Level is 10472/10600
Stock of the Day :
State Bank of India - Down Level 290/284 & Up Level - 300/306/312
Q2FY19 results announced asset quality has improved due to deferral of Essar Steel and other power NPA or new NCLT list. Operating performance is still low as Treasury & Corporate Bank is at losses. Profit came in due to Exceptional Income of 1,500 cr. Though we will have positive for day but with low stop.
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.