Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia is negative, Yesterday night US market closed with 0.25% recovering all the losses due to Micheal Cohen indirectly naming President Trump in federal crime but China & US have official started talks in Washington relating to Trade issues which moved the index up.The oil prices are at $74.86/bbl(0.12%) there was quick yesterday from lows of 71.6 as US inventories draw came in more than estimated and Iran crude has already fallen to 1.63 mn bbl from 2.23 mn bbl in month of July and USDINR at 70.00 ( 0.3%)is a weak opening due to oil prices.
We expect today to be a Neutral to Negative as the NIFTY has made new high but there should be some impact of spike in oil prices and currency back to 70/$ .
Stock of the Day :
Mahanagar Gas Ltd. - Down Level 861/851 & 902/919
Shell is going to sell part of its holding in the company at floor of Rs 851 which should happen post opening . We would recommend to Buy at 851-861 and Sell at our target prices during the day. Generally these kind of blocks deals happen at discount and bounce atleast once during the day.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 30 MIN & 2MIN SUPPORT AND A NEW HIGH WAS FORMED WHICH WE BELIEVE WILL STAY FOR AS OUR INDICATOR IS NOT SHOWING ANY BUBBLE AS YET.
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.
Comments