*Market Mantra: 31/03/2017 (08:30)*
*SGX-NF: 9210 (+12 points)*
*Key support for NF: 9175-9115*
*Key resistance for NF: 9235-9275*
*Key support for BNF: 21450-21350*
*Key resistance for BNF: 21675-21850*
As par early SGX indication, Nifty Fut (Apr) may open around 9210,
slightly in positive territory following muted Global/Asian cues. China
is closed today; but more or less in line with estimates PMI data for
China & Japan has stabilized the market despite some protectionist
rhetoric by Trump before his key meeting with the China counterpart.
Globally, all eyes may be on the FOMC & ECB minutes and also on the
Friday US NFP job data.
Back to home, there was no big bang announcement regarding any Super ARC
or bad bank by the Govt in its cabinet meeting on Friday as being
expected by the market. Such idea of a Govt sponsored bail out of NPA of
the private corporate sector or even for the PSBS may be politically
very difficult and thus Govt is persuading various methods under the
existing mechanism.
As par various indications, GST may be finalized in all aspects only by
May’17 and thus a July’17 roll out may also be looking very challenging.
All eyes may also be on the RIL after better than expected customer
additions in the Prime category; but further delay in actual paid
service launch may be also an indication of some infrastructure lacuna
and some lack of confidence on the part of the R-Jio.
Technically, RIL need to sustain over 1335-1350 area for further rally;
otherwise it may come down again.
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9235 area for further rally towards 9275-9350 by today / in the short
term (under bullish case scenario).*
*On the other side, sustaining below 9215 area, NF may fall towards
9175-9140/9115 & 9075 area by today / in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 21675 area for further rally towards
21750-21850 area by today / in the near term (under bullish case scenario).*
*On the other side, sustaining below 21625 area, BNF may fall towards
21450-21350 zone by today / in the near term (under bear case scenario).*
<https://4.bp.blogspot.com/-ZKD2ZkCUgCE/WOHGkZ8iESI/AAAAAAAALK4/UAKzu5rkotkUh7yvMBGh5NeXkVqsvAuqQCLcB/s1600/SGX-NF-03-04-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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