Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices are flat and Asia is positive , China has finalised list of good worth $16Bn for tariff revision this included crude oil but was removed later.The oil prices are at $72.6/bbl(0.25%) and USDINR at 68.47 ( -0.01%) giving flat opening .
We expect today to be a Neutral to Positive as HPCL/BPCL results were better than estimated and crude overnight shed around $3 due to Saudi reassuring Canada supply. And RBI has decided to transfer Rs 50,000 crore to government as a surplus.
Stock of the Day :
Bharat Forge Ltd. - Down Level 632/622 & Up Level 652/665
Class Truck 8 orders have shown growth of 75% YoY which should show a good growth in revenue and profit YoY. Any disappointment will lead to downside movement.
POSITIONAL NIFTY LEVEL :
ALERT : YESTERDAY NIFTY CLOSED ABOVE 30 MIN & ABOVE 2MIN SUPPORT THIS COULD BRING A FRESH RALLY AS THE RESULT SEASON MOSTLY GET OVER BY FRIDAY AND WAS ABOVE OUR EXPECTATIONS AND SAW LESS DOWNGRADES AS OF NOW. WE BELIEVE MIDCAP SHOULD SEE A RALLY HEREON.
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.