Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are flat USA indicated that deal signing will not happen soon and Chinese diplomat will have to take permission before they do a meeting in USA. The oil prices are at $59.00/bbl(-0.66%) as trade issues are unresolved and brexit deal pessimism rises . USDINR at 71.36(0.00%) as USA data came in weak against the estimates.
We expect markets to be Neutral to Positive as FII continues to be buyers due to certain block deals but also positive at index level.
Important Close Level is 11165/11535
Stock of the Day :
Nalco Ltd. - SELL - Stop Loss - 42.3 & Target - 40.40/38
(IMP : Do not trade if opens at Stop loss/Target levels)
The company has to shut down smelters as coal shortage hits it power stations that will result in drop in production. In this regard company has appealed to Coal India for coal supply. Alcoa has cut demand estimates globally and has planned asset sale of $1bn to pass through demand slag period and repay debt.
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 DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY AND STOCK SPECIFIC RALLIES . THE DATA IS STILL WEAK THOUGH THERE WILL SOME UPTICK IN OCTOBER.
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.