Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as FED does a rate cut but is still divided on future rate cut with 7-3 vote. The oil prices are at $63.67/bbl(0.02%) as USA Inventories are higher than estimated. USDINR at 71.15(0.00%) as crude prices decreased and FII derivative selling reduced.
We expect markets to be Neutral to Negative as internal and external factors does not support a buying stance from FII.
Important Close Level is 10677/11257
Stock of the Day :
Bharat Petroleum Corp. Ltd. - BUY - Stop Loss - 370 & Target - 392/395
(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 & USA Inventories are higher than estimated.
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.