Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are negative given that China has canceled trade talks with US. The oil prices are at $79.12/bbl(0.12%) as OPEC meeting on Sunday dint come out with increase in production and all were satisfied with current level of supply which makes winter better for bullish oil and USDINR at 72.38 ( 0.22%) will open lower as IL&FS crisis spread and RBI meets the shareholder of the same which is very makes the crisis more watchful.
We expect today to be a Neutral to Negative as Petrol touches Rs. 90/ltr in Mumbai and OPEC reaches no decision to reduce oil price we believe we might see $85/bbl quicker than thought. Secondly Sell off in Bond market by Funds at such low prices indicates there are movement issue with new rule of raising 25% of funds from debt market.
Stock of the Day :
Biocon Ltd. - Down Level 668/659 & 683/695
Drug Substance facility in Bangalore completes USFDA inspection with no observations and CHMP Opinion is positive for Biosimilar Pegilgrastim which is positive for the stock today and on Friday positive close gave more strength in weak market.
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 AS WE HAD RAISE THE CONCERN THE CORRECTION CAME IN WE BELIEVE THIS IS NOT GOING TO SETTEL SOON WHICH WE RECOMMEND TO CREATE CASH AND WAIT TILL REVERSAL SEEN.
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.