Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are mixed as US Govt. still under shutdown and President has tweeted an aggressive comment again FED on Monday evening which extended the drop. The oil prices are at $50.60/bbl(-0.32%) there was a drop of $4/bbl overnight as the Algos Fund accelerated of crude long positions along with S&P500 and USDINR at 69.95(-0.44%) dollar index reduced and might see stronger rupee on crude drop but the Dollar is taken as safe asset as of now so might not see big drop.
We expect markets to be Neutral to Negative as GST council did not give any major category which were expected by markets & US govt. in a shutdown we might see another round of selling by Algos today.
Important Day Close Level is 10591/10731
Stock of the Day :
Interglobe Aviation Ltd. - Stop Loss 1156/1145 & Target - 1190/1210
Crude drop around $4/bbl overnight given the Algo funds have liquidated long positions in crude this has turned crude prices soft and is forcing OPEC+ to take further and quicker action to support the prices which would change fundamentals given on algos. The BRENT prices have reduced by 16% till date in month of December which will result in similar drop in ATF prices from January 1st which is positive for Aviation sector. Aviation sector is second line to get immediate benefit after OMCs rest sectors benefit with quarter lag.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK, 30MIN & 2 MIN BUT IS STILL ABOVE 1 DAY FOR US AS IT HAS CROSSED BELOW 1WEEK THAT IS CRUCIAL AS THIS LAST WEEK FOR THE YEAR ALGOS ARE MORE ACTIVE AND WE HAVE CREATED CASH AND WOULD WAIT FOR LOWER LEVELS TO DEPLOY.
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.