Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive slightly due to some covering from yesterdays downside.The oil prices are at $71.68/bbl(0.13%) as Venezuela is expected to come out with production of 700K b/d due to political issues and there no update on Iran Waiver with OPEC output coming low .USDINR at 69.15(-0.04%) as dollar index reduced a bit as EU-UK announced extension till Oct 2019.
We expect markets to be Neutral to Positive as there is interest in stock specific but due to elections and result season it might see some profit booking and crude drag.
Important Day Close Level is 11570/11770
Stock of the Day :
Indian Oil Corporation Ltd. - Stop Loss 159/161 & Target 152/149
Crude prices have increase above $71.5/bbl and still no change in retail fuel prices are happening which assures the assumption that due to elections the required price hikes are being postponed which impacts the earning and we crude price around $80-85/bbl in short term.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE BOOKED SOME PROFITS AND INCREASED CASH POSITION TO 30%.
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.