*Market Mantra: 12/12/2016 (08:30)*
*Watch 8225-8175 & 8310-8335 Zone In Nifty Fut (Dec), Which May Open
Around 8240 Today*
*Will domestic market “celebrate” the possible delay of GST to
Sep’17(??) as economy can’t withstand two successive disruptions due to
demonetization & GST? *
*It may be “yes or “no”, but FII(s) may not be “amused” at all for
successive delays of GST.*
As par early SGX indication, Nifty Fut (Dec) may open around 8240 (-35
points), slightly in negative note despite positive global cues.
Domestic market may be under pressure ahead of Fed, strong USD, surging
oil and domestic headwinds of demonetization led economic & political
disruptions.
Apart from tepid projections of GDP data, which may slump around 2% or
more along with 50-10% downgrade of corporate earnings in the coming
quarters, market may also take note of statement of various state FM(s)
that they may suffer almost 40-50% hit in their indirect tax revenues as
an immediate fall out of the demonetization.
Demonetization is fast turning into a political rhetoric now and GST may
be one of the victims of that. As par yesterday’s GST council meeting
indication and statements of various state FM(s) and the FM of the
country, GST may be not possible to implement by April’17 for lack of
consensus on dual control. Also, state FM(s) are wary of demonetization
led economic disruptions in the states, which also vitiated the whole
political atmosphere of consensus and spirit of the Parliament in
passage of the GST bill wholeheartedly.
Although, delay in implementation of GST may be also seen as
non-disruptive for the short term by the market, its successive failure
may be also an indication that Govt as well as the opposition political
parties may also be pre-occupied by its political rhetoric rather than
economic reform agenda and in that scenario, FII(s) may not be “amused”
at all in the coming days.
*Technically, NF has to sustain over 8225-8205* zone today; otherwise it
may further fall towards 8175-8125* & 8080-8040* area today (bear case
scenario).*
*On the other side, for any strength, NF need to sustain above
8285-8310* area for further rebound towards 8335-8385* & 8435*-8485 zone
for the day (bullish case scenario).*
*Similarly, BNF (LTP: 18720) need to stay above 18775-18850* area;
otherwise it may further fall towards 18650-18450* & 18350-18200* zone
for the day (bear case scenario).*
*For any strength, BNF needs to trade above 18900-18950* area for
further rebound towards 19050*-19100 & 19250-19350* zone for the day
(bullish case scenario).*
<https://1.bp.blogspot.com/-XU816rXWWZI/WE4f9zrr7ZI/AAAAAAAAJws/40kwsqH_RjMAT7Idheqrg0XlM43sgyPiACLcB/s1600/SGX-NF-12-12-2016.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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