Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative and US were closed but when futures opened today morning it saw second level of CTA selling as level of 2711 was breached next important level is 2567 if trigger will see 122Bn CTA selling . The oil prices are at $61.30/bbl(-0.47%) OPEC+ reached consensus on output cut but the details will be worked out today and will be given in press conference at 1pm Vienna Time which might be extended. USDINR at 70.76(0.13%) cause of OPEC agreement and Policy impact.
We expect today to be Neutral to Negative, OPEC+ will detail the cut agreement levels from 800K b/d to 1.4mn b/d are being talk about.
Important Day Close Level is 10685/10858
Stock of the Day :
Praj Industries Ltd. - Stop Loss 106/103 & Target - 112/117
Cabinet will discuss and mostly approve ethanol scheme under which it will grant Rs.7400-7000cr to sugar companies to set up ethanol production units of which interest will be paid by government. This money will directly go to Praj Industries as it one of the main technology provider of ethanol.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN BUT STILL ABOVE 2 MIN , 1 DAY & 1 WEEK. IF IT BREACHES 1 WEEK ON CLOSE THEN WE CAN GO 10,500 AND AGAIN TURN NEGATIVE. WE WILL KEEP OUR CASH POSITIONS STABLE NOW AFTER LOWERING BY 10-15%.
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.