Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are flat to negative. The oil prices are at $78.69/bbl(0.10%) as the US crude draw came less than expected and US president tweet to OPEC for price rise before OPEC JM meeting on 23rd September impacted on downside and USDINR at 72.15 ( 0.59%) will open higher but overnight high has been 71.7.
We expect today to be a Neutral to Positive open would be gap up which would be led by PSU and Steel sectors on selections of New MD and import curb news from sources. But any selling by FII which has been increasing might impact the levels.
Stock of the Day :
JSW Steel Ltd. - Down Level 412/407 & 423.5/NEW HIGH 3-5%
According to Sources the Steel ministry has forwarded request to Fin Min for increase the duty on steel and stainless steel products by 15% in response to Trade War and this would result in upside to the stock.
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 CLOSED BELOW 1DAY WILL LEAD TO CORRECTION AND WE HAVE CREATED CASH BUT NEXT COUPLE OF DAYS WILL DECIDE THE COURSE.
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.