NIFTY (1 DAY LEVEL)
ALERT : ABOVE 1DAY LEVEL - NIFTY HAS MAINTAINED WELL ABOVE THE 1 DAY LEVEL OF 10707 . Q1FY19 RESULTS STARTED YESTERDAY WITH TCS & INDUSIND RESULT WHICH WERE INLINE WITH ESTIMATES AND BROKERAGES ARE SPLIT ON BUY & HOLD FOR THE SAME.
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.
Today's Market Influencer :
Today Movement - Neutral to Negative
Asia markets and US market Future Indices are negative ( -0.5% to -1.5%) . The oil prices are at $78.1/bbl (-0.96%) it is mainly due to LIBYA ports being under militants and output dropping quickly and USDINR at 68.75 (0.17%).
We expect today to be a Neutral to Negative day given TCS & INDUSIND BANK results were inline with estimates . USA has overnight released list of import good worth $200bn for increase in tariff for which date might be announced soon. This would be negative and will lower the market levels with good support at 10871/10827.
Stock of the Day :
Axis Bank Ltd. - Down Level 528/521 & Up Level 542/547
The Board met yesterday and decided on three names for succession of the current MD and this would go to RBI for an approval for further process. Current MD tenure ends at 31st Dec 2018 but we expect the announcement to be done much sooner for smoother transition. Any disclosure of names via News Sources will bring upside risk to the stock today.