*Market Mantra: 29/12/2016 (08:30)*
*Watch 7980-7940 & 8075-8120 Zone In Nifty Fut (Dec), Which May Open
Around 8010 Today*
*BNF need to sustain above 18000-18150 zone for any further “Santa Rally”.*
*Although there may be some concern about an unconfirmed news that NAMO
will address the nation on the 31^st Dec evening, drops in USD & Oil and
extension of loan repayment days by RBI due to demonetization may help
the market sentiment.*
As par early SGX indication, Nifty Fut (Dec) may open around 8010 (-14
points) following tepid global/Asian cues.
Overnight US market corrected by around 0.56% in a low volume holiday
thinned market after disappointing pending home sales figure, which came
at -2.5% against +0.5% estimate (Prior: + 0.1%). The sudden unexpected
drop in US pending home sales may be an early indication of higher cost
of borrowing coupled with high prices & low inventory. Thus, going
forward, there may be some doubt, whether US economy can withstand
successive Fed rate hikes and a stronger USD. As a result, USD & US bond
yields drops to some extent and “Trump Rally” also fades for US stock
market.
Oil is also down for an unexpected inventory buildup in a private report.
Back to home, drops in USD & Oil may help the Indian market sentiment to
some extent, but an unconfirmed report that NAMO will address the nation
on 31^st Dec evening, after demonetization deadline expires for exchange
of old notes, may also keep the market in some kind of pressure ahead of
various uncertainties in the new year (2017).
*_Hints for actionable trading ideas: _*
*_
_*
*_
_*
*Technically, NF has to sustain over 7980 zone today; otherwise it may
further fall towards 7940-7915/7890* & 7840*-7790 area for the day
(under bearish case scenario).*
*On the other side, sustaining above 8040 zone, NF may further rebound
towards 8075-8120* & 8160-8200* area for the day (under bullish case
scenario).*
*Similarly, BNF (LTP: 17866) has to sustain over 18150 area for further
rebound towards 18250*-18350 & 18450*-18700 zone for the day (under
bullish case scenario).*
*On the other side, sustaining below 18000 zone, NF may further fall
towards 17800*-17700 & 17600*-17350 area for the day (under bear case
scenario).*
<https://4.bp.blogspot.com/-6uQiO8Oyxe8/WGSIW5MjjdI/AAAAAAAAJ_g/Ha3p2AaJScoF1N1U2BJr5AozweNSdt53gCLcB/s1600/NF-28-12-2016.png>
NF
<https://4.bp.blogspot.com/-OgCbjZ8tJbw/WGSIYKCfIOI/AAAAAAAAJ_k/Ue0Qz1y8CoIVr_TBid8UPXkqUxwhw9iawCLcB/s1600/BNF-28-12-2016.png>
BNF *
*
--
Thanks & Regards,
Asis Ghosh
--
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