Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia Indices slightly positive as China also confirms that deal signing is closer. The oil prices are at $67.41/bbl(0.33%) as deal signing optimism and USA Inventories saw a bigger draw than estimated. USDINR at 71.28(0.00%) as crude spikes further and FII turn small seller given year end profit booking.
We expect markets to be Neutral to Negative as crude spikes to recent high and divestment of BPCL might not happen this fiscal.
Important Close Level is 11830/12324
Stock of the Day :
BPCL Ltd. - SELL - Stop Loss 490 & Target - 4460/435
(IMP : Do not trade if opens at Stop loss/Target levels)
Crude price increased above $67/bbl given the optimism on the trade deal and reduction in supply from USA & OPEC+. This will further hit GRM of the company. And the divestment process will take longer than anticipated time that can reduce short term valuation.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS -
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.