Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as USA says that progress of phase 1 is before schedule and should be signed during APEC meet in Chile. The oil prices are at $61.23/bbl(-0.55%) as trade deal optimism is there. USDINR at 70.75(0.01%) as crude is subdued.
We expect markets to be Neutral to Positive as results come in better than estimates of NIFTY companies and buying remains stable at these levels.
Important Close Level is 11404/11687
Stock of the Day :
Interglobe Aviation Ltd. - SELL - Stop Loss - 1490 & Target - 1381/1352
(IMP : Do not trade if opens at Stop loss/Target levels)
DGCA has notified the company that 16 engines that ave run course of 3000 KM should be changes or else those planes will face grounding in 15 days. This is big risk after the maintaince cost spike in Q2FY20 results.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS - Muhurat Trading not included.
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY AND STOCK SPECIFIC RALLIES . THE DATA IS STILL WEAK THOUGH THERE WILL SOME UPTICK IN OCTOBER.
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.