Today's Market Influencer :
Today Movement - Negative
US market Future Indices and Asia are positive but HK & China are closed for a week. The oil prices are at $83.06/bbl(+0.37%) as Saudi announced that it will pump more 550k bbl/d but this already accounted since OPEC meeting in July & a lot of Iranian Tankers are going off grid. USDINR at 72.73 ( 0.29%) will open lower and has seen lowest level of 72.75 overnight.
We expect today to be a Negative day given crude prices have spiked again on Friday and FII outflow are still heavy on the selling .
Important Day Level is 10888/11102.
Stock of the Day :
Bank of Baroda - Down Level 97.16/New Low 3%-5% & 103.25/105.6
All three bank boards have given principle approval for the merger so the next steps can be initiated though we feel Unions will be tough process. But for today it might react positive on the news. Have to strict on levels.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 30 MIN AND ABOVE 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.