Today's Market Influencer :
Today Movement - Negative to Negative
US market Future Indices and Asia are mixed with positive US close last night. The oil prices are at $63.23/bbl(0%) EIA number showed a build of 4.9mn barrels instead of draw of 3.9mn and USDINR at 71.13( 0.04%) as crude fell we might see stronger rupee during the day.
We expect today to be Neutral to Negative, even post crude strong price fall as equities also fell overnight and FII turned negative again along with DII who haven't shown a big positive buy number since 2nd Nov. We believe there might be redemption pressure and reduction flows towards equity funds domestically.
Important Day Close Level is 10472/10710
Stock of the Day :
GAIL ( India) Ltd. - Stop Loss 339/334 & Up Level - 350/358
Today Prime Minister will launch 10th bidding round for City Gas Distribution which have 50 areas under which licenses will be given. In these areas there are three areas which Deoghar , Sheikhpura and Jamui where GAIL pipeline will provide the feed.
We would be positive for intraday trade even if opens negative due to market.
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.