*Market Mantra: 28/04/2017 (08:30)*
*SGX-NF: 9355 (+3 points)*
*For the Day:*
*Key support for NF: 9315-9265*
*Key resistance for NF: 9425-9510*
*Key support for BNF: 22150-22000*
*Key resistance for BNF: 22425-22525*
As par early SGX indication, Nifty Fut (May) will open around 9355,
almost flat following tepid global cues. Overnight US market also closed
almost flat, but off the day low amid mixed economic data & earnings.
After Trump’s disappointment with his tax vision, US market came under
pressure yesterday following Russia’s warning that situation in NK is
going for serious warfare.
Although, Trump is now emphasizing on dialogs to resolve the NK issues,
he is also warning for a full fledged war with NK, if such situation
arrives. Meanwhile, after repeated squabbling with NAFTA trade deal
involving Canada & Mexico, Trump is now eyeing his own US allies South
Korea to pay for the “Thaad” missile defence system by $1 bln, which
America is planning to install at SK for any NK missile attack;
otherwise SK may also face termination of its existing trade deal with
the US.
Clearly, Trump as a hardcore businessman, do not believe in “Free Lunch”
and want to get paid for US service to protect its own allies including
NATO partners, such as Germany, Japan etc. Thus, Trump’s vision may also
be interpreted as to create or take opportunity of the geopolitical
tensions across the world and give demo of its missile/military powers
and sell those military or defence products to his valuable clients
(SK/Japan/Germany/Saudi Arabia etc), thus making America great again.
Ongoing various geopolitical tensions may ensure that USD remains under
pressure and at the same time, US defence manufacturing industry will
prosper further.
Back to home, PSBS may come under pressure today as Govt is reportedly
considering some plan that they will take over some stressed assets like
a ARC.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9425 area for further rally towards 9475-9510 & 9550-9600 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9405-9385 area, NF may fall towards
9315-9295/65 & 9225-9200/9175 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 22425 area for further rally towards
22525-22675 & 22800-23000 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22375 area, BNF may fall towards
22250-22150 & 22000-21750 area in the near term (under bear case scenario).*
<https://3.bp.blogspot.com/-QblHZ2qO0xk/WQK-zBvNy7I/AAAAAAAALgg/8hCEFW3iIaUVdTNkIVbDtJAaGY06qOkOgCLcB/s1600/SGX-NF-28-04-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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