Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative, Post midterm election results OPEC started talks of cut & FED last night maintained the hawkish tone with Dec rate hike in place . The oil prices are at $70.63/bbl(-0.42%) Post midterm & Iran Sanction Russia & Saudi will meet on Sunday to discuss production cut as US inventory build up is not reducing and USDINR at 72.64( -0.09%) will open lower as dollar index gain.
We expect today to be a Neutral to Negative , Crude prices lower than $ 71 with stable rupee level below 73. FED yesterday gave hawkish statement which might keep NIFTY in negative & Big CP redemption of NBFC is today.
Important Day Close Level is 10472/10600
Stock of the Day :
Titan Co. Ltd. - Down Level 838/820 & Up Level - 867/880/890
Q2FY19 results to be announced today which we believe that should beat the estimates as the watch segment EBIT should be higher due to price hikes pre diwali and Jewellery should be slight positive.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY AND ABOVE 2 MIN AND 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.