Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia Indices are positive as US Companies CEOs met Premier Li in Beijing Yesterday and FED indicated good amount dovish for rate cuts.The oil prices are at $62.52/bbl(1.12%) as Trade talks are more positive and OPEC+ to meet July 1 and 2. USDINR at 69.56(-0.06%) as Fed stance kept the dollar index low.
We expect markets to be Neutral to Positive as FED stance changed to over dovish and rate cut in July and beyond odds increased.
Important Close Level is 11620/11740
Stock of the Day :
HDFC Ltd. - BUY - Stop Loss 2153/2147 & Target 2189/2197/2210
(IMP : Do not trade if opens at Stop loss/Target levels)
Group acquired Apollo Munich insurance majority stake of 50.8% at cost of Rs.1347cr which would later be merged in HDFC ERGO and have 6.4% market share in non-life insurance sector. This is positive at the deal is valued at 1.2x Gross Written Premium as compared to last non-life insurance deal which happened at 1.45x GWP in Nov 2018.
We would be positive 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 UPSIDE WITH FIIs BUYING AROUND 55,000-60,000cr DURING SIX MONTHS POST ELECTION WHICH WOULD BRING BIG UPSIDE IN MIDCAPS TOO. REDUCE CASH ALLOCATION TO 25%.
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.