NIFTY (1 Day Level)
ALERT : WAIT TO BUY/ADD - YESTERDAY WAS AGAIN A DOWN DAY AFTER FRIDAY'S SHORT COVERING WITH HEAVY FII SELLING BUT NIFTY IS STILL CLOSE TO 1DAY INDICATOR LEVEL WHICH WILL DECIDE THE MOVEMENT IN SHORT TERM.
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.
Today's Market Influencer :
Today Movement - Neutral to Positive
Asian markets have opened down with a cut of 3% mainly due to devaluation of Yuan against USD. This is a way of creating a tariff on all goods without announcing specific measures.
We are isolated from it to some extent and are being helped by building a strong trade relation with China resulting in tariff cuts for imports and exports to each other .Oil is at $77.89/bbl (+0.80%) and USDINR is at 68.87 (which would intervened during the day) which is due to the FII selling in Debt & Equity in short term this is major driver for the currency movement.
We expect market to be Neutral to Positive for the day due to the lower FII flow movement post heavy selling day and positive the AMC committee report to hold up banks.
Stock of the Day :
State Bank of India - Down Level 256.77 & Up Level 264.42/269.52
Sunil Mehta committee report has been submitted to Finance Minister yesterday with a briefing of the same. Mainly any NPA above Rs 500 crore with some criteria should be transferred and if no solution is found in 180days then it should be transferred to NCLT.This is positive for the PSU Banks.