NIFTY ( 1 Day Chart)
ALERT : WAIT TO BUY/ADD - FRIDAY WAS BIG UPSWING ON SHORT COVERING BUT STILL CLOSE TO 1DAY INDICATOR LEVEL WHICH WILL DECIDE THE MOVEMENT IN SHORT TERM.
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.
Today's Market Influencer :
Today Movement - Neutral to Negative
As on Friday there was upswing in the index which was expected on last one hour on expiry day. We believe there has to be a neutral to negative day today as the short cover would have been completed. 19 stocks have increased derivative margins and 46 stocks have moved to physical delivery this should impact short creation in these stocks.
On Saturday ,USA President tweeted that Saudi has agreed to increase the production to 2 million barrels per day this was retaliated by Iran and would disturb OPEC agreement. We expect . Oil prices to cool off for a short while on this which would help control Rupee movement as well.
Stock of the Day :
BPCL - Down Level 389/367 & Up Level 398/405
YTD -23% Return due to huge increase in Oil prices which we expected and markets did not. Over weekend , President Trump had tweeted that Saudi has agreed to compensate for Iran & Venezuela loss and increase production to 2 million barrel per day this will reduce the prices for today until some reverse news come so we are positive on OMCs for today. Crude has opened in Asia at $78.18/bbl (-1.34%).