Today's Market Influencer :
Today Movement - Negative
US market Future Indices and Asia are positive but yesterday US close was negative as yields are rising on heavy selling. The oil prices are at $85.06/bbl(0.27%) and USDINR at 73.75 ( -0.04%) will open lower and has seen lowest level of 74.24 overnight which is broken much quicker than estimated.
We expect today to be a Negative day given OMCs are made to share the price burden and Rupee has continuing to fall . FII continue to sell heavy in the markets the only risk today is RBI provides a policy relief in some sense.
Important Day Level is 10553/10627.
Stock of the Day :
State Bank of India - Down Level 268/265 & 275/285
RBI policy is due today as we estimate 50 bps or more is needed to control situation but that might result spooking the Bond markets and with elections due the political risk is higher thus , we believe that rat hike might come in at 25bps only.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY , 30 MIN AND ABOVE 2MIN SUPPORT , WE BELIEVE THIS A VERY NEGATIVE INDICATION THERE MIGHT BE BOUNCES BUT WE ESTIMATE THIS IS NOT GOING TO SETTEL SOON WHICH IS WHY WE RECOMMEND TO CREATE CASH FURTHER TAKING A BIT LOSS AND WAIT TILL REVERSAL SEEN.
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.