*Market Mantra: 05/06/2017 (08:30)*
*SGX-NF: 9660 (+15 points)*
*For the Day:*
*Key support for NF: 9645/9625-9595/9540*
*Key resistance for NF: 9700-9750*
*Key support for BNF: 23300-23200*
*Key resistance for BNF: 23400-23500*
As par early SGX indication, Nifty Fut (June) may open around 9660, at
15 points gap up following positive closing of overnight/Friday US
market (+0.29%) despite subdued NFP job data report; US market was
helped by industrials & tech shares amid Trump’s ongoing stance of
protectionism (America first). His withdrawal from Paris climate accord
may be viewing as positive for US Mfg industry and American jobs. Trump
now wants to export (sell) US technology for clean CO2 or NG to EM like
China & India.
Morning Asian/global cues are mixed following a sad incidence of
terrorist attack in London yesterday; but UK poll will go on as
scheduled (8^th June). China market is trading lower following further
strengthening of Yuan by PBOC despite better than expected service PMI;
PBOC has vowed for a neutral monetary policy going ahead.
Back to home, Indian market may digest more on multiple GST rates on
different products, even on the same sector. Lower GST rates on some of
the products may be helpful at a glance for the manufacturers, but at
the end of the day due to competition, all such lower rates may also be
transmitted to the consumers. All eyes may be on the service PMI and RBI
day after tomorrow for any rate cut/dovish stance after terrible GDP
data for Q4FY17.
*Hints for actionable trading ideas:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9700 area for further rally towards 9750-9825 & 9865-9930 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9680 area, NF may fall towards 9645-9595
& 9540-9495 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 23400 area for further rally towards
23550-23650 & 23875-24000 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23350 area, BNF may fall towards
23200-23050 & 22950-22750 area in the near term (under bear case scenario).*
<https://3.bp.blogspot.com/-t0kId3RamX8/WTTXu2R73KI/AAAAAAAAL78/3UD0LzD0UpI85cpqntYSLJVDVwXUT_hHQCLcB/s1600/SGX-NF-05-06-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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