Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are flat as US-China negated each other comments on trade deal. The oil prices are at $62.77/bbl(0.28%) as trade deal and OPEC+ plans to do technical meeting before Dec meeting . USDINR at 72.15(0.01%) as crude prices have increased and CPI has come above RBI medium term target.
We expect markets to be Neutral to Positive as ground data is negative but this pushes government to further boost with measures that are populist.
Important Close Level is 11580/12021
Stock of the Day :
State Bank of India Ltd. - SELL - Stop Loss - 310 & Target - 301/296
(IMP : Do not trade if opens at Stop loss/Target levels)
DoT has written to telecom operators to pay the dues relating to AGR within three months. This would put major pressure on already cash starved companies and put them at risk of default on loans and net worth issue.
We would be negative 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 UNTIL NEW SET OF REFORMS ARE ANNOUNCED BY GOVERNMENT . THE DATA IS STILL WEAK THOUGH THERE WAS UPTICK IN OCTOBER BY REFORM DEPENDENT MOVE IN NOVEMBER.
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.