Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative, as Inversion of Yield took place on Friday in US ( shorter period expensive vs longer period bond) this triggered algorithm selling.The oil prices are at $66.15bbl(-0.90%) as trade deal and brexit enter crucial week and USDINR at 69.17(0.00%) as Forex swap window approaches tomorrow.
We expect markets to be Neutral to Negative as Inversion of yield will lead to algorithm selling for few days and result in profit booking for DII as year end approaches.
Important Day Close Level is 11070/11589
Stock of the Day :
Reliance Industries Ltd. - Stop Loss 1321/1304 & Target 1375/1395
Crude prices have reduced by $2/bbl since Friday evening as algorithm selling got triggered through out asset classes as US yield inverses which indicates of recession but we believe it is more of temporary situation as bond sale is this week.
NCLT as also approved that company can set up Jio Infratel with tower assets and Jio Fibre with Fibre cable assets. This will help it monetise the tower assets as per plan to reduce debt of Jio Infocomm.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 20% LEVEL AS OF NOW.
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.