Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are flat there is no update on US-China phase one deal. The oil prices are at $60.78/bbl(-0.64%) as US Inventories were showing a -1.67 mn compared to estimate of build up. USDINR at 70.73(0.01%) as dollar index and FII were sellers there was slight pressure.
We expect markets to be Neutral to Positive but state results might create volatility.
Important Close Level is 11404/11687
Stock of the Day :
Indian Oil Corporation Ltd. - SELL - Stop Loss - 149 & Target - 140/137
(IMP : Do not trade if opens at Stop loss/Target levels)
Government allowed new norms of setting up oil retailing outlets where it allows non-oil companies to set up outlets with certain conditions even in ATF supply. This removes market structure that benefits current OMCs. IOC has largest reach with 27,325 outlets and is monopoly in ATF this could put it at high risk. Even crude prices spiked overnight.
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.