Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are positive. The oil prices are at $76.47/bbl(0.67%) and USDINR at 73.94( 0.39%) will open lower as dollar index higher and news of RBI gov. resigning today is spreading in media.
We expect today to be a Neutral to Negative , Rupee open is lower and FII sell off to continue there was confirmation news of easing of PCA rules and as expected it din't go through. Plus today news of RBI Gov. is doing rounds in media.
Important Day Level is 10132/10300
Stock of the Day :
Bank of Baroda - Down Level 106.5/103.5 & 114/117.5/120
Q2FY19 results announced which have shown improvement in terms of slippages and asset quality on QoQ basis. The retail loan profitability (EBIT) doubled during the quarter from Rs. 978 cr in Q1FY19 to Rs. 2135 cr in this quarter and corporate banking printed a loss of Rs. 648cr. NIMs came at 2.61% vs 2.34% YoY , there is a drop on QoQ due to increase in cost of funds. We take it as a positive result since asset quality concerns have stabilised incrementally.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY ,2 MIN BUT ABOVE 30 MIN SUPPORT , WHICH INDICATES A SLIGHT REVERSAL. BUT WE BELIEVE CLOSE OF BELOW 10027 WILL BRING NEW LEVEL OF SHORT AND CAN EXTEND THE FALL. WE WOULD BE WITH CASH FOR INVESTING AT LOWER LEVELS AS COMING 3 MONTHS WILL BE VOLATILE.
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.