Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are flat to negative as USA VP speech on China was more negative and mentioned more aggression than optimism. The oil prices are at $61.31/bbl(-0.58%) as USA Inventory and OPEC meeting speculations begin to build up. USDINR at 70.97(0.01%) as crude spikes overnight.
We expect markets to be Neutral to Negative as state results were not one sided as expected and results announced yesterday were inline or below estimates.
Important Close Level is 11404/11687
Stock of the Day :
Bharti Infratel Ltd. - SELL - Stop Loss - 242 & Target - 230/222
(IMP : Do not trade if opens at Stop loss/Target levels)
Company has extended the merger date by 60 days and mentioned that dilution of current shareholders will be lower as per revaluation of the business. But there is also a risk of merger not going through as major approvals still needed.
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.