[www.niftyviews.com:27538] Nifty jumped on positive global cues and earnings optimism

[Asis Ghosh]

*Market Wrap *:*26/04/2018*
*
*
*NSE-NF (May):10623 (+31; +0.29%)*
*
*
*NSE-BNF (May):25030 (+198; +0.80%)*
*
*
*SPX-500: 2665 (+28; +1.04%)*
*
*
*Market Mantra: 27/04/2018*
*
*
*Updated: 08:40*
*
*
*SGX-NF: 10650 (+27; +0.25%)*
*
*
*Expected BNF opening: 25100 (+0.30%)*
*
*
*SPX-500: 2668 (-7; -0.26%)*
*
*
*(Gap-up opening on positive global/US cues amid some fall in US bond 
yields and USD coupled with upbeat earnings from techs and increasing 
prospect of North Korean truce and fall in EUR after soft jawboning by 
Draghi & Co)*

*
*
*Fut-I (Key Technical Levels)*

*Support for NF:***

*10635/10615-10570/10540-10490/10430*

*Resistance to NF:***

*10685*/10730-10780/10815-10860/10910***

*Support for BNF:***

*25000/24800*-24700/24550-24400/24250***

*Resistance to BNF:***

*25100/25250-25450*/25655-25775/25850*

*Support for SPX-500:*

*2660/2645-2630/2610-2595/2575*

*Resistance to SPX-500:*

*2685/2705-2730/2750-2765/2785*

*Technical View (Positional-Nifty, Bank Nifty, SPX-500):*

*Technically, Nifty Fut-I (NF) has to sustain over 10685 for a further 
rally towards 10730/10780-10815/10860 in the short term (under bullish 
case scenario). ***


*On the flip side, sustaining below 10665 NF may fall towards 
10635/10615-10570/10540 in the short term (under bear case scenario).***


*Technically, Bank Nifty-Fut (BNF) has to sustain over 25250 for a 
further rally towards 25450/25655-25775/25850 in the near term (under 
bullish case scenario).***


*On the flip side, sustaining below 25200-25100, BNF may fall towards 
25000/24800-24700/24550 in the near term (under bear case scenario).*


*Technically, SPX-500 now has to sustain over 2685 for a further rally 
towards 2705/2730-2750/2765 in the near term (under bullish case scenario).*


*On the flip side, sustaining below 2675, SPX-500 may fall towards 
2660/2645-2630/2610 in the near term (under bear case scenario).*

*
*
*Valuation metrics:*
*
*
*Nifty-50: 10618; Q2FY18 EPS: 410; Q2FY18 PE: 25.90; Avg FWD PE: 20; 
Proj FY-18 EPS: 418; Proj Fair Value: 8360*

*
*
*Bank Nifty: 25011; Q3FY18 EPS: 820; Q2FY18 PE: 30.50; Avg FWD PE: 20; 
Proj FY-18 EPS: 961; Proj Fair Value: 19220*

*
*
On Friday, the Indian market opened around 10668 and made a high of 
10725 so far, on hopes of solid earnings from the index heavyweight RIL, 
which is up by almost 3% and eyeing the $100 bln market cap. Nifty Fut-I 
is now trading around 10710, jumped by almost 0.73%, also boosted by 
positive global/US cues amid some fall in US bond yields and USD coupled 
with upbeat earnings from techs and increasing prospect of North Korean 
truce and fall in EUR after soft jawboning by Draghi & Co.


*TheIndian and global market story 
on 
Thursday:*

*
*
The Indian market (Nifty Fut/India-50)closed around 10619 on Thursday, 
jumped by almost 0.47% on positive global cues as US 10Y bond yield 
slips below the psychological red line of 3% coupled with earnings 
optimism from some blue chips like Yes Bank. Apart from private banks, 
Techs and FMCG counters also helped the Nifty in late hours of trade and 
Nifty Fut made a high of 10644 after an opening session low of 10577 in 
a moderate day of volatility amid FNO expiry and rollover of positions 
and theme of “sell in May and go away”.


PSU banks were under stress as the benchmark Indian 10Y bond yield 
surged to 7.785%, eyeing the level of 7.80%. There was also some buzz 
that keeping in view about surging bond yields, higher oil, and 
inflation, RBI may take a hawkish stance or even a hike in its June 
policy meeting. Some of the major banks like SBI, HDFC are also hiking 
their fixed deposit rates and the market is concerned that this will be 
eventually followed by a hike in base lending rates.


The Indian market is also concerned about increasing reports of 
corporate bank loan frauds after the PNB-Nirav Modi fiasco. Almost all 
the big corporate NPAs are now classified as “frauds” involving 
corruption angle with top bank officials and the crony promoters. It now 
seems that the country is a heaven of big celebrity billionaire 
defaulters as a result of rampant bank loan frauds.


Elsewhere, YesBank soared by 8% on the better-than-expected and healthy 
report card. Wipro also recovered from 5% plunge and closed around 2% 
down after terrible earnings and poor guidance.


On Thursday, Nifty was boosted by Yes Bank, ITC, TCS, Infy, Kotak Bank, 
HUL, HDFC Bank, Indusind Bank, RIL, Eicher Motors and others by around 
80 points (67+13), while it was dragged by L&T, SBI, Bharti Airtel, Axis 
Bank, Bharti Infratel, Wipro, Tata Steel, Bajaj Fin, Ultratech Cement, 
Lupin and others by almost 30 points (22+8) altogether.


On Thursday, overall Indian market was helped by private banks, 
automakers, financials, techs (higher USDINR around 67.08), consumption, 
and energies, while dragged by PSU banks, reality, infra an

[www.niftyviews.com:27537] Market Mantra: 27/04/2018

[Asis Ghosh]

*Updated: 08:40*

*SGX-NF: 10650 (+27; +0.25%)*

*Expected BNF opening: 25100 (+0.30%)*

*SPX-500: 2668 (-7; -0.26%)*

*(Gap-up opening on positive global/US cues amid some fall in US bond 
yields and USD coupled with upbeat earnings from techs and increasing 
prospect of North Korean truce and fall in EUR after soft jawboning by 
Draghi & Co)*


*Fut-I (Key Technical Levels)*

*Support for NF:*

*10635/10615-10570/10540-10490/10430*

*Resistance to NF:*

*10685*/10730-10780/10815-10860/10910*

*Support for BNF:*

*25000/24800*-24700/24550-24400/24250*

*Resistance to BNF:*

*25100/25250-25450*/25655-25775/25850*

*Support for SPX-500: *

*2660/2645-2630/2610-2595/2575*

*Resistance to SPX-500:*

*2685/2705-2730/2750-2765/2785*

*
*

*Technical View (Positional-Nifty, Bank Nifty, SPX-500):*

*
***

*Technically, Nifty Fut-I (NF) has to sustain over 10685 for a further 
rally towards 10730/10780-10815/10860 in the short term (under bullish 
case scenario). *


*On the flip side, sustaining below 10665 NF may fall towards 
10635/10615-10570/10540 in the short term (under bear case scenario).*


*Technically, Bank Nifty-Fut (BNF) has to sustain over 25250 for a 
further rally towards 25450/25655-25775/25850 in the near term (under 
bullish case scenario).*


*On the flip side, sustaining below 25200-25100, BNF may fall towards 
25000/24800-24700/24550 in the near term (under bear case scenario).*


*Technically, SPX-500 now has to sustain over 2685 for a further rally 
towards 2705/2730-2750/2765 in the near term (under bullish case scenario).*


*On the flip side, sustaining below 2675, SPX-500 may fall towards 
2660/2645-2630/2610 in the near term (under bear case scenario).*


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