Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are negative as BREXIT vote on Saturday might not go through as opposition and alliances disagree on new deal. The oil prices are at $59.61/bbl(-0.50%) despite US Inventory large build up as the production was highest and tanker rates have now cooled off . USDINR at 71.13(0.00%) as dollar is under pressure due to data and BREXIT deal.
We expect markets to be Neutral to Positive as FII continues to be buyers due to certain block deals but also positive at index level.
Important Close Level is 11404/11687
Stock of the Day :
ZEE Ltd. - SELL - Stop Loss - 272 & Target - 250/245
(IMP : Do not trade if opens at Stop loss/Target levels)
Results were below estimates with lower subscription growth and lowest ad revenue growth in recent times. There was one write off relating to ICD of Rs.170cr and another issue relating to its FD being adjusted against related parties loan by the bank. Operating cashflow has become negative along with ballooning of receivables.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
NIFTY LEVELS
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE DO NOT SEE ANY MAJOR UPSIDE OTHER THAN SOME RELIEF RALLY AND STOCK SPECIFIC RALLIES . THE DATA IS STILL WEAK THOUGH THERE WILL SOME UPTICK IN OCTOBER.
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.
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