Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are negative but Chia delegation has landed to meet US President also the Huawei CFO extradition process is ongoing . The oil prices are at $61.09/bbl(0.20%) as sanctions on Venezuela has applied and USDINR at 71.35(-0.06%) as crude prices increase by 3% overnight.
We expect markets to be Neutral to Positive as short covering to come in and PSU banks to be up on better results.
Important Day Close Level is 10549/10854
Stock of the Day :
Axis Bank Ltd. - Stop Loss 649/639 & Target - 673/678/685
Q3FY19 result were better than estimated with Net Interest Income growth at high of 10 quarters at 18% and improvement in asset quality with slight reduction in GNPA & NNPA. The new CEO has guided for secular growth through technology and higher profits through FY 21-22 vision.
We would be positive 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 SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 30% LEVEL AS OF NOW.
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.