Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices are negative as China doubts long term trade deal can be signed but Phase 1 deal is still in works. The oil prices are at $59.7/bbl(0.32%) as trade deal doubts arise and US inventories are higher than estimates along with weak USA data. USDINR at 71.07(0.00%) as FED cuts supported dollar index with weak data.
We expect markets to be Neutral to Negative as FII are negative on derivatives and valuations are on the high now.
Important Close Level is 11580/930
Stock of the Day :
Indian Oil Corp. Ltd. Ltd. - SELL - Stop Loss - 151 & Target - 141.3/138.7
(IMP : Do not trade if opens at Stop loss/Target levels)
Results were below the lowest estimates given the increase in charter cost and stoppage of crude import from Iran. ATF prices have been cut by 4-5% MoM and 17% YoY that impacts the revenue of the company for Q3FY20.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS -
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.