Today's Market Influencer :
Today Movement - Negative to Negative
US market Future Indices and Asia are negative with US closing near down 1.5%. The oil prices are at $66.42/bbl(0.71%) due to Russia wanting to play wait and watch which is not what the OPEC wants to do and USDINR at 71.47( 0.22%) with lows of 71.7 overnight and we might see the same during the market hours.
We expect today to be Neutral to Negative, RBI Board meeting discussed various issues and outcome of the meeting was neutral which is not positive for NBFCs and PCA banks which had run up due to the anticipation of the RBI giving in. The committee will be formed and will take time to make decision thus we believe that it is more time consuming which should have been more proactive.
Important Day Close Level is 10472/10710
Stock of the Day :
IndiaBulls Housing Finance Ltd. - Down Level 712/683 & Up Level - 762/780
RBI Board meeting did not discuss any matter related to NBFC or liquidity situation if seen on Bloomberg Index there is Liquidity deficit creation since past few months which is extending. This would delay the fund requirement or the boost which is required by NBFCs to keep the repayments and growth rate in check.
We would be negative 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.