Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia is slight positive and mixed respectively, last night US market closed with -0.5% which was due to profit booking and currency movements effects .The oil prices are at $71.13/bbl(0.54%) This is due to more than estimated inventory build up at US and USDINR at 70.23 ( -0.06%) this is after hitting low of 70.70 overnight given the weakness in EM currencies we expect to slide further at slower pace.
We expect today to be a Neutral to Positive as currency impact might come at the open of the market but will there would be buying in export companies which would support the index.
Stock of the Day :
Kotak Mahindra Bank Ltd. - Down Level 1272/1255 & Up Level 1311/1331
RBI has rejected the proposal of the bank for dilution of the promoter stake. The promoter has to bring down the holding by 20% till this year end. We expect it would open down and be down for the day.
POSITIONAL NIFTY LEVEL :
ALERT : FRIDAY NIFTY CLOSED NEAR30 MIN & BELOW 2MIN SUPPORT THIS COULD LEAD TO CONSOLIDATION IN THE MARKETS BEFORE MOVING EITHER DIRECTION.
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.