Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed as US shutdown ends till 15th Feb and Rusal sanction is lifted . The oil prices are at $61.55/bbl(-0.06%) and USDINR at 70.95(0.06%) as dollar index is flat and crude prices are stable.
We expect markets to be Neutral to Positive as shutdown is lifted and there has been FII buying in cash and futures which will reverse movement if the buying continues.
Important Day Close Level is 10727/10951
Stock of the Day :
Lupin Ltd. - Stop Loss 871/889 & Target - 850/838
Company received six observations post the USFDA Inspection during Jan 14-25th at Indore Plant Unit II. This plant already has warning letter issued since November 2017 and provide substantial amount of revenue. As the exact nature of observations will be known in two weeks , any repeat observations will make it harder for warning letter to be removed.
We would be negative for intraday trade.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED NEAR ALL IMPORTANT LEVELS INDICATING THERE WAS NO CLEAR SIGN OR BREAKING THE RANGE . WE SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE STARTED INVESTED SOME CASH WHICH IS AT 30% LEVEL AS OF NOW.
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.