Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive as US China agreed to halt tariff hike from 1 Jan 2019 for 90 days and accelerate trade talks . The oil prices are at $62.17/bbl(5.11%) Saudi & Russia agreed on output cut but will decide the volume during OPEC+ meet .USDINR at 69.79 (0.04%) as US dollar index gained on ease of trade and crude is up.
We expect today to be Neutral to Negative, The Positive of trade issues subsiding will be absorbed by open gap but the crude uptick will impact the markets at later phase.
Important Day Close Level is 10685/10858
Stock of the Day :
Motheson Sumi Systems Ltd. - Stop Loss 149/146 & Target - 157/162/ 170
US-China trade war pause is most beneficial to automotive & metal sector. Motherson has slowed down on these issues and we see value at discount to average trading value.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 1WEEK ,1DAY , 2 MIN AND 30 MIN SUPPORT WHICH INDICATES A SLIGHT REVERSAL. WE WOULD ADVISE TO INVEST 10-15% 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.