Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative as US is ready with import tariff on $200 Bn goods and China is not going to participate in talks plus affecting the supply chain of US goods. The oil prices are at $78.03/bbl(-0.03%)and USDINR at 72.55 ( 0.17%) will open lower as the economic review meeting dint see much aggressive decisions and we believe a rate hike in October is to be factored.
We expect today to be a Neutral to Negative today as PM held review meeting over rising oil price and Rupee depreciation but there no aggressive intervention was disclosed which will be disappointing to the markets.
Stock of the Day :
State Bank of India - Down Level 287/276 & 301/308
Economic review meeting was highly anticipated to be resulting in aggressive action to control Oil prices & forex problem but the points disclosed were more passive solutions which would disappoint the markets and we could see downside on PSU banks specially.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 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.
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