Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed with big positive in Asia and down in US futures. The oil prices are at $76.52/bbl(-0.03%) this was due to US crude demand numbers coming in lower than expected which might happen for full month and USDINR at 71.90 ( -0.06%) will open slight stronger than overnight low of 72.10 which we might see towards end of market.
We expect today to be a Neutral to Positive today due Oil coming down and profit booking on shorts as weekend hits.
Stock of the Day :
Bharat Petroleum Corporation Ltd. - Down Level 351/New Low 3% & 358/367
US Crude numbers coming lower than expected resulted in crude hitting a low of 75.75 from 77.61 but settling at 76.4 overnight we believe today will be positive for OMCs as a result and might be correction smaller correction in crude during the day.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 30 MIN AND 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.