Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed with Asia negative and US future positive. The oil prices are at $77.24/bbl(0.53%) and USDINR at 72.16 ( 0.08%) will open weaker but we see some intervention by PSU banks during the open.
We expect today to be a Neutral to Positive today due to SEBI panel relaxing norms , oil stabilising for a while .
Stock of the Day :
Axis Bank Ltd. - Down Level 637/622 & 655/666/New High
Amitabh Chaudhry of HDFC Standard Life has been selected to replace Shikha Sharma as the new CEO. This would result in some upgrades from brokerage and further extension of positive move in the stock for today.
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.