Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are flat as USA has identified Iran behind Aramco attacks The oil prices are at $64.50/bbl(0.02%) as Saudi says it will bring back all the capacity by end Sept. which will be looked closely. USDINR at 71.49(0.00%) as crude softennd FII derivative sell is flat.
We expect markets to be Neutral to Negative as Saudi eases oil concerns but the DII buying is giving sign of exhaustion.
Important Close Level is 10677/11257
Stock of the Day :
Bharat Petroleum Corp. Ltd. - BUY - Stop Loss - 360 & Target - 380/385
(IMP : Do not trade if opens at Stop loss/Target levels)
As Saudi eases of concern that the full capacity will be back by End of Sept. which we will keep close eye on there will be bounce in OMCs as crude relief comes inn prices.
We would be positive 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 DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY WHICH IS AT RISK NOW POST ARAMCO ATTACK. WE ADVISE A CASH ALLOCATION 50%-55%.
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.