Today's Market Influencer :
Today Movement - Negative
US market Future Indices and Asia are negative and US closed more than -2% due to Payroll data coming lower . The oil prices are at $62.12/bbl(0.73%) OPEC+ agreed on cut of1.2 Mn b/d which will be more coming in January 2019 due to sanctions and natural decline in certain members. USDINR at 71.28(-0.13%) crude has reversed and we see macroeconomic issues in CAD numbers.
We expect today to be Negative, given the OPEC+ cut , Exit Polls and CAD data showing big negative.
Detailed Blog : 3 Things That Will Move Markets on Monday
Important Day Close Level is 10500/10660
Stock of the Day :
Oil India Ltd. - Stop Loss 173/167 & Target - 183/188
OPEC+ agreed to cut of 1.2Mn b/d which would increase in January 2019 as Iran output faces sanction pressure and Venezuela has natural decline in the production. We are positive on crude.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN , 2 MIN , 1 DAY & 1 WEEK . AS 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.