Today's Market Influencer :
Today Movement - Positive
US market Future Indices and Asia are negative. The oil prices are at $65.20/bbl(0.20%) this is due to IEA releasing the 2019 report which mentions a oversupply of 700K B/D and Non-OPEC playing a bigger part in supply and USDINR at 72.06( -0.36%) has opened higher due to crude impact on the currency.
We expect today to be Positive , Crude prices have reduced substantially over last 24 hrs ,which for today might give some upside but results being lower there will be re-rating of NIFTY.
Important Day Close Level is 10472/10710
Stock of the Day :
Reliance Industries Ltd. - Down Level 1082/1070 & Up Level - 1122/1151/1172
Brent has fallen 7% in last 24hrs and 25% from the recent peak this would help higher GRM in short term and has new capacity is commissioned by the company it will be major beneficiary.
On the media front ZEE promoter has decided to sell 50% of own stake this would be cause of increase in competition and high level group debt which would contributed to Jio entry into FTHH and media content.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY BUT ABOVER 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.