NIFTY ( 1day)
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 10787 or above 10805 then immediate levels to keep watch are 30 Min levels which are 10755 on below or 10824 on above.
Today's Market Influencer :
Today Movement - Positive Bias
Over the weekend OPEC+ announced 1mn barrel/day increase in their combined output which would be done over 3 months and this has reduced the BRENT OIL prices by 1.78% which is positive for Indian Markets.
Note : We will be coming out with a detailed article on the same.
Stock of the Day :
Oil Marketing Companies
BPCL - Down Level 414/400 Up Level 453/466
Since OPEC+ deal is positive on paper and has resulted in decrease in Oil prices OMC's (BPCL/HPCL/IOC) will have positive movement today and Exploration (RELIANCE/ONGC) companies will be negative .
It will be important to keep look at intraday movement of oil for any changes. Important level of BRENT OIL is $75.3 bbl/day.