Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed with slight positive in Asia. The oil prices are at $77.12/bbl(0.01%) and USDINR at 71.50 ( 0.00%) will open slight stronger than yesterday close but higher than overnight low of 71.90.
We expect today to be a Neutral to Positive today due to SEBI setting up committee which would recommend changes to the FPI circular and if Oil & Rupee are stable we would see big positive.
Stock of the Day :
Reliance Industries Ltd. - Down Level 1210/1190 & 1242/1262
Yesterday completed two years since launch with 10crore customers in 170days and target of 50% market share in 2020. CLSA has revised Target Price to Rs 1500 from Rs 1400 and this we believe this will have positive impact on the stock for today.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN AND ABOVE 2MIN SUPPORT WHICH SUGGEST REVERSAL BUT THERE CAN BE PROFIT BOOKING ON SHORTING POSITIONS AS THERE HAS NOT BEEN MUCH CASH SELLING.
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.