Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are flat as currency movements were restricted overnight due to US being shut. . The oil prices are at $78.11/bbl(0.14%) Iran production is reducing more quickly than OPEC production increasing and USDINR at 71.35 ( -0.05%) will open a weaker than yesterday close as the SEBI circular also creates a outflow risk for FIIs.
We expect today to be a Neutral to Negative today due to SEBI circular and rise in crude product prices. We expect short positions to be created now.
Stock of the Day :
IDBI Bank Ltd. - Down Level 60/58 & 63/65
LIC Board is scheduled to meet today for taking decision on next tranche of investment in IDBI Bank which would need some regulatory approvals if stake has to increase above 25%.We would advise to Buy in two halves before 1230pm.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1 DAY ,30 MIN ,2MIN SUPPORT WHICH SUGGEST REVERSAL AND IF TODAY IT DOESN'T CLOSE ABOVE 1 DAY LEVEL THEN WE CAN EXPECT A GOOD LEVEL OF CORRECTION.
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.
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