Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are mixed with a positive bias as from today US-Japan start trade talks.The oil prices are at $71.06/bbl(-0.32%) and USDINR at 69.42(-0.04%) dollar swap window coming up keeping pressure on dollar exchange.
We expect markets to be Neutral to Positive as Initial results show positive trend in beating expectations and today Wipro results might result in same.
Important Day Close Level is 11570/11770
Stock of the Day :
Dr. Reddy's Laboratories Ltd. - Stop Loss 2730/2670 & Target 2850/2970/3013
USFDA has given VAI ( Voluntary Action Initiated) for Plant-3 at Bachupally , Hyderabad . This was under Form 483 since Feb 2019 with 11 observations out which 4 were repeat. The company has 10% approvals pending from this plant and in total has 40-45% US Sales coming from this plant. It is positive especially post purchase of 42 ANDA portfolio recently.
We would be positive 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 SEE SOME UPSIDE WITH GLOBAL MARKETS AND WE HAVE BOOKED SOME PROFITS AND INCREASED CASH POSITION TO 30%.
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.
Comments