Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are negative and positive respectively , as Trump had a talk with China over the trade talks and mentioned positivity. The oil prices are at $72.72/bbl(-3.78%) as the Opec production came in higher of estimates helped by Saudi & Iraq and USDINR at 73.09( -1.29%) will open higher as dollar index lower and oil prices have come off.
We expect today to be a Neutral to Positive , Rupee open is higher and FII has shown slight improvement and became positive and oil prices lower than $73 will help support the upside.
Important Day Close Level is 10245/10453
Stock of the Day :
HDFC Ltd. - Down Level 1711/1671 & Up Level - 17971820/1855
Q2FY19 results announced which were weak if the extra income of Rs 1,000 cr was to be removed which came from sale of HDFC AMC and other investments. If seen Cost to Income Interest ration it is at 73% compared to 70% QoQ which is main issue as cost of funds rise the rate hikes cannot be passed on to the customers. In addition as incremental raising is issue the cash on book is reducing as that is being utilised to fund disbursals. We are negative on the stock.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY ,2 MIN AND 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 ADVISE TO INVEST 5-8% OF CASH LEVELS HERE IN ADVISED PORTFOLIO.
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.