Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative and US closed in flat with last hour being negative. The oil prices are at $60.98/bbl(-1.07%) Saudi and other Middle East have stop supplying Oil to USA and USDINR at 71.76(0.30%) have taken a low of 72.03 overnight due to spike in crude.
We expect markets to be Neutral to Negative as profit booking will come and subsidising the impact of new RBI and global markets weak on monetary policy.
Important Day Close Level is 10595/10782
Stock of the Day :
Indian Oil Corporation Ltd. - Stop Loss 141/144 & Target - 133/131
Crude prices spiked overnight with Middle East stopping supplies to USA and Buyback was announced with 3.06% of Market Capitalisation which will add to the debt levels.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE ALL LEVELS AND IT IS SHOWING MOMENTUM BUT WE WILL BE CAUTIOUS AS THE RALLY IS BEEN LIFTED BY HOPE THAN ANYTHING ELSE. WE WILL BE STAYING INVESTED AND MIGHT PULL OUT SOME LAST INVESTED AMOUNT AT 10950/11000 UNLESS WE SEE DRASTIC CHANGE IN POLICY.
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.