*Updated: 08:00*

*SGX-NF: 10750 (-34; -0.32%)*

*Expected BNF opening: 25555 (-0.35%)*

*SPX-500: 2648 (-4; -0.15%)*

*(Gap-down opening on subdued global cues amid concern of a hawkish Fed/multiple rate hikes and report of Muller subpoena probability for Trump related to the ongoing Russian link investigation)*

*Fut-I (Key Technical Levels)*

*Support for NF:***

**

*10710*/10680-10640/10590-10550/10490*

**

*Resistance to NF:***

**

*10800/10840*-10870/10900-10930/10975***

**

*Support for BNF:***

**

*25400/25150-25000/24800-24700/24550***

**

*Resistance to BNF:***

**

*25675*/25775-25850/25915-26050/26150*

**

*Support for SPX-500: *

**

*2630/2610-2595/2575-2550/2525*

**

*Resistance to SPX-500:*

**

*2665/2685-2705/2730-2750/2765*

**

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

*Technically, Nifty Fut-I (NF) has to sustain over 10800 for a further rally towards 10840/10870-10900/10930 in the short term (under bullish case scenario). ***

**

*On the flip side, sustaining below 10780 NF may fall towards 10710/10680-10640/10590 in the short term (under bear case scenario).***

**

*Technically, Bank Nifty-Fut (BNF) has to sustain over 25675 for a further rally towards 25775/25850-25915/26050 in the near term (under bullish case scenario).***

**

*On the flip side, sustaining below 25625, BNF may fall towards 25400/25150-25000/24800 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 2665, SPX-500 may fall towards 2630/2610-2595/2575 in the near term (under bear case scenario).*

*
*

*Valuation metrics:*

*Nifty-50: 10739; Q3FY18 EPS: 403; Q3FY18 PE: 26.65; Avg FWD PE: 20; Proj FY-18 EPS: 418; Proj Fair Value: 8360*

*Bank Nifty: 25395; Q3FY18 EPS: 807; Q3FY18 PE: 31.47; Avg FWD PE: 20; Proj FY-18 EPS: 961; Proj Fair Value: 19220*

*SPX-500: 2655; Q4-2017 EPS: 111; TTM PE: 23.92*

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