Today's Market Influencer :
Today Movement - Negative to Neutral
US market Future Indices and Asia are down with US closing near 1% close. The oil prices are at $67.10/bbl(0.71%) OPEC+ is discussing a bigger cut which should be around 1-1.4mn b/d and USA has started with snowstorms which would reduce crude inventory next week and USDINR at 72.02( 0.21%) has will open lower due to crude recovery and dollar index gain due to GBP drop which is due to the BREXIT related resignations and No Confidence motion moved.
We expect today to be Neutral to Negative, Crude is up on the OPEC+ cut discussion & USA weather change. This would impact us negatively but there could be buying in Banks cause of RBI Board meeting. meeting on Monday 19th Nov. 2018 which might discuss CRR cut.
Important Day Close Level is 10472/10710
Stock of the Day :
United Breweries Ltd. - Down Level 1277/1248 & Up Level - 1342/1365
Q2 Results were above estimates given the higher volume growth which led to increase in market share on YoY basis. It faces stiff competition in metros due to private labels like Bira gaining ground but other cities market share is shifting towards its brand.
Sugar reversal might put margin risk but the % of sugar in raw material is lower than of whiskey thus the impact will be lower. Barley prices are stable which is main component of the company.
Balance Sheet has strengthened as it has reached almost single digit short term debt and cash has increased to Rs. 100 cr +.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY BUT CLOSE TO 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.