Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive but there is some text issues still remaining and might not be signed during APEC on 17th November and FED cuts rate as per estimate. The oil prices are at $61.08/bbl(-0.18%) as FED Cuts and USA data is better than estimate . USDINR at 70.89(0.00%) as dollar index and crude is stable.
We expect markets to be Neutral to Positive as FED rate cuts for third time and FII buying has return after few days of selling.
Important Close Level is 11404/11687
Stock of the Day :
HDFC Life Ltd. - BUY - Stop Loss - 560 & Target - 608/620
(IMP : Do not trade if opens at Stop loss/Target levels)
Standard Life will be selling 3.6% price at Rs.562-575 per share (6%-8% discount) seeking total of $600mn or Rs.4260cr.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS -
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY AND STOCK SPECIFIC RALLIES . THE DATA IS STILL WEAK THOUGH THERE WILL SOME UPTICK IN OCTOBER.
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.