Today's Market Influencer :
Today Movement - Negative to Positive
US market Future Indices and Asia are positive with negative US close last night. The oil prices are at $59.54/bbl(0.84%) Oil option position is more negative than 2014 and traders are pointing towards reaching $50 before OPEC+ meet on Dec 6 and USDINR at 70.43( -0.18%) as crude fell we might see stronger rupee during the day.
We expect today to be Neutral to Positive, as crude fell below $60 and Morgan Stanley has double upgraded EMs to OverWeight as crude prices soften. But we might see selling in other non-crude sectors like metals & financials.
Important Day Close Level is 10472/10710
Stock of the Day :
Mahindra & Mahindra Ltd. - Stop Loss 733/725 & Up Level - 766/774
Mahindra launched Alturas G4 over the weekend pricing it at Rs.27-29lakh making most expensive car for the company in India. This is direct competition with Ford Fortuner and segment has sale of 4500 units per month in total, Mahindra aims to gain 10% market share in the segment.
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.