ALERT : IF DAY POSITIVE ADD - YESTERDAY WAS AN UP DAY AFTER AND NIFTY MOVED ABOVE THE 1 DAY LEVEL OF 10687 ON THE CLOSE COMFORTABLY THIS GIVES AN OPPORTUNITY TO ADD WEIGHT TO THE PORTFOLIO.
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.
Today's Market Influencer :
Today Movement - Neutral to Negative
Asia markets and US market Future Indices are positive. The oil prices are at $77.75/bbl and USDINR at 68.72 with a peak of 69.22 in the morning at 6:45am as shown in the chart. We expect today to be a Neutral to Negative day given that Cabinet has announced a 150% MSP hike on various Kharif Crop which will create inflation risk and fiscal risk estimates at 30,000-35,000 cr which might result in quicker rate hikes to match inflation.
USDINR will be biggest influencer on negative and MSP hike on positive .
Stock of the Day :
Biocon Ltd. - Down Level 620 & Up Level 638/634
Received EU GMP Certification for its Sterile Drug Product facility in Bangaluru, which got inspected in March 2018. This would provide a positive support to the stock for today.