Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are positive as US Govt. still under shutdown but Pension Funds for their shifting of funds have to buy $64 Bn US equities by 31st December which will push the prices up. The oil prices are at $54.55/bbl(-1.32%) and USDINR at 70.22(0.05%) dollar index gained.
We expect markets to be Neutral to Positive as Pension Fund buying for year end shift has led to US markets revive 5% gain overnight. This will help our markets but crude spike might keep it lower gains and there might be announcement on PSU bank infusion today.
Important Day Close Level is 10685/10805
Stock of the Day :
Oriental Bank of Commerce Ltd. - Stop Loss 91/88 & Target - 98/103
Today Finance Ministry might announce details of the capital infusion in PSU banks which was mentioned by Govt. last week. In these details OBC is expected to receive 5,500cr which will help it cross the capital requirement to come out of PCA Bank list.
We would be positive for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK, 30MIN BUT ABOVE 2MIN & 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.