Today's Market Influencer :
Today Movement - Neutral to Poisitve
US market Future Indices and Asia are positive. The oil prices are at $78.42/bbl(0.31%) this is up from $77.8/bbl overnight low and USDINR at 71.72 ( 0.17%) will open lower but it has reached 71.55 overnight high, which we might see during the day .
We expect today to be a Neutral to Positive today as PM is expected to hold review meeting over rising oil price and Rupee depreciation . In this anticipation we expect to be more positive.
Stock of the Day :
Power Finance Corporation Ltd. - Down Level 79/76.2 & 84.75/85.65
Supreme Court has stayed any further action on Power assets which are suppose to move to IBC till next hearing in November which brings relief to PFC & REC. PFC management on Wednesday in an interview informed that 6 large accounts amounting to 8000+ should resolved in one month before the hearing. We expect to have positive day as this might lead to some short covering.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN AND ABOVE 2MIN SUPPORT WHICH SUGGESTS A PROFIT BOOKING OF SHORTS,WE STILL HAVE SOME MORE MOVEMENT LEFT TO SEE WHICH DIRECTION IT TAKES.BUT WE BELIEVE TO SEE AN UPTREND BEFORE NEXT ROUND OF RESULTS START.
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.