Today's Market Influencer :
Today Movement - Neutral to Negative
US market Future Indices and Asia are flat positive, US closed with heavy loss more than 1.5% due to talks of another level of tariffs if US-China talks fail. The oil prices are at $76.96/bbl(-0.84%) and USDINR at 73.54( -0.11%) will open lower as dollar index higher and have seen a low of 73.64 which might come during the day.
We expect today to be a Neutral to Negative , Rupee open is lower and FII sell off to continue there was news of easing of PCA rules but since it with RBI to decide we do not think it will go through. Plus today is FSDC meet which will take of stalk of economic situation.
Important Day Level is 10132/10300
Stock of the Day :
Bharat Petroleum Corporation Ltd. - Down Level 270/257 & 285/295
Q2FY19 results announced were lower than estimated by the street. The revenue came flat QoQ and had increase in raw material as crude oil prices were four year high in terms of INR. this resulted in lower gross margins. The GRM ( gross refining margins) came at $5.57 as estimate of $6.5. The balance sheet saw an increase in cash balance but at same time increase in capex which is being incurred due to BS VI deadline. We expect it to be negative day for the stock.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED BELOW 1WEEK ,1DAY AND ABOVE 30 MIN ,2MIN SUPPORT , WHICH INDICATES A SLIGHT REVERSAL. BUT WE BELIEVE CLOSE OF BELOW 10027 WILL BRING NEW LEVEL OF SHORT AND CAN EXTEND THE FALL. WE WOULD BE WITH CASH FOR INVESTING AT LOWER LEVELS AS COMING 3 MONTHS WILL BE VOLATILE.
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.