Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative. The oil prices are at $79.31/bbl(0.32%) this is due to US draw of inventory coming much lower at -8.6 mn bbl than estimated and USDINR at 72.65 ( 0.12%) will open flat but it has reached 73.01 overnight thrice, which we might see during the day .
We expect today to be a Neutral to Negative today as Intervention in the currency movement is not helping and fuel cost are increasing everyday which has been deciding factor for election results.
Stock of the Day :
Praj Industries Ltd. - Down Level 94/91 & 98.9/101.5
According News Channel Cabinet is scheduled to meet today at 1030am and decide on increasing the price of Ethanol by 25% this is to attract the investments required to reach a blend of 25%-30% in next few years. We expect this to be positive for the day incase of Praj Industries & Sugar Stocks.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN AND 2MIN SUPPORT WHICH SUGGESTS A NEW ROUND OF SELLING HAS COME , THERE WAS A RESPITE FOR FEW DAYS BUT THIS DOWNSIDE IS SUPPORTED BY HEAVY FII SELLING WHICH WOULD IMPACT THE LEVELS . IF IT CROSSES 11,232 (1Day) THEN THE PRESSURE FOR CORRECTION WILL INCREASE. WE ARE RAISING OUR CASH IN PORTFOLIO.
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.