NIFTY LEVELS
ALERT : WAIT TO BUY/ADD - YESTERDAY WAS AGAIN A UP DAY AFTER MONDAY'S 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
Asia markets and US market Future Indices have turned green after yesterday close in red. The oil prices are at $78.06/bbl and USDINR at 68.55 almost yesterday level. We expect today to be a Neutral to Positive day given that Cabinet is likely to announce a 150% MSP hike on various Kharif Crop which will booster rural consumption estimates but also boost inflation risk resulting in quicker rate hikes.
Stock of the Day :
Mahindra & Mahindra Ltd. - Down Level 873.42 & Up Level 896.5/899.5
Last week PM promised farmers that this week they are going to announced the promised 150% hike in MSP with new costs. Today morning that announcement is expected to come from cabinet and provide one of the biggest MSP hikes on record. This will cost government around Rs 33,500 or more : source . We believe this will boost estimates of rural consumption and have positive sentiment for the related companies.
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