Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative since Tariff of 10% on $200Bn Goods would begin from Sept 24th and if any reply from China it will increase by another $267 Bn goods. The oil prices are at $77.5/bbl(-0.70%) the price has soften due to Russia mentioning that OPEC+ may decide to increase production by another 1 mn/bbl and USDINR at 72.55 ( 0.02%) will open flat but we expect it to weaken during the market.
We expect today to be a Neutral to Negative as the tariff war is intensified and India will get also involved as they are coming out with import restricted goods to control the currency.
Stock of the Day :
Punjab National Bank - Down Level 82.26/80.86 & 85.5/88.15
Finance ministry yesterday has proposed to merge Bank of Baroda with Dena Bank & Vijaya Bank. This would bring positivity in weaker banks and big banks we would advise to BUY PNB at open to benefit from the news.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN AND 2MIN SUPPORT WHICH CREATES A NEGATIVE TREND WE BELIEVE IN SHORT TERM THERE IS A DOWNTURN AND ANYTIME CLOSE BELOW 1DAY WILL LEAD TO BIG FALL.
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.