Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are mixed and US closed negative as Govt. went into shutdown which is extended till Christmas and Trump has discussed even removal of FED Chairman after rate hike. The oil prices are at $54.08/bbl(0.04%) UAE has mentioned that OPEC+ will in for deeper cut if required and USDINR at 70.15(0.07%) dollar index gained as the rest assets faced strong liquidation.
We expect markets to be Neutral to Negative as GST council did not give any major category which were expected by markets & US govt. in a shutdown we might see another round of selling by Algos today.
Important Day Close Level is 10734/10865
Stock of the Day :
Inox Leisure Ltd. - Stop Loss 230/221 & Target - 245/253
GST Council announced a rate cut in cinema tickets . Prices above Rs.100 will be cut from 28% to 18% this is measure to boost the box office collections and in turn increase tax. But due this cut alone there is revenue cut of 900cr every month. This is positive for today but the rate cut has to be passed on to consumer which will squeeze the margins.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30MIN & 2 MIN BUT IS STILL ABOVE 1 WEEK & 1 DAY FOR US 1WEEK IS MORE CRUCIAL AS THIS LAST WEEK FOR THE YEAR ALGOS ARE MORE ACTIVE AND THE SELLING COMES IN WE WOULD KEEP A HOLD AND IF IT BREACHES 1 WEEK LEVEL INTRADAY WE WOULD CREAT FURTHER MORE CASH.
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.