Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive on US-China Vice ministers to meet today and tomorrow along with FED chairman staying put and mentioning that flexible path . The oil prices are at $57.76/bbl(0.56%) and USDINR at 69.36(-0.24%) dollar index was down.
We expect markets to be Neutral to Positive as trade tensions reduce for a while but crude spike is spoiling the positive trend.
Important Day Close Level is 10635/107776
Stock of the Day :
Bandhan Bank Ltd. - Stop Loss 512/492 & Target - 541/552/572
News reports have merged of Boarding meeting to take place today or tomorrow to discuss merger with Gruh Finance which will results in entity of Rs.88,000 by value. This would help reduce promoter holding to 60-54% and HDFC holding would come at 10% of the combined entity. The loan book of Gruh stands at 16,600 cr and Bandhan is at 22,000cr along with 23,000cr deposits out of which 80% is Micro lending. The Reach of both franchise will boost lending at low costs and high quality assets.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW ALL IMPORTANT LEVELS INDICATING FRESH SHORTS THIS WOULD BE RESULTING IN ANOTHER FALL WHICH DOES NOT GET STOPPED AROUND 10600 WILL ACCELERATE. WE HAVE STARTED INVESTED SOME 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.