*Market Mantra: 02/01/2017 (08:30)*
*Watch 8195-8090 & 8255-8335 Zone In Nifty Fut (Jan), Which May Open
Around 8180 Today*
*BNF need to sustain above 18350-18400 zone for any further rally; Below
18000-17950 will be more weak.*
*NAMO’s New Year “mini budget” speech is clearly aimed at forthcoming
state elections, especially UP, which may be announced shortly; but may
keep pressure on banks for “social obligation”.*
**
*All eyes will be on the Markit MFG PMI (India), further auto sales
numbers and PM’s speech today.*
As par early SGX indication, Nifty Fut (Jan) may open around 8180
following Friday’s weak closing of US market. Today almost all the major
financial markets are closed except India and as such, domestic cues
will be vital, although volume may remain tepid.
Maruti reported weak auto sales numbers yesterday (16% MOM fall & 1% YOY
fall in Dec’16), which may be a direct fall out of demonetization and
“war on black money”.
*_Hints for actionable trading ideas:_*
*Technically, NF need to stay above 8195 area today; otherwise it may
fall towards 8150-8090* & 8040*-7980/7940 zone for the day (under bear
case scenario).*
*On the other side, sustaining above 8235/8255 area, NF may further
rally towards 8295/8335*-8375 zone for the day (under bullish case
scenario).*
*Similarly, BNF (LTP: 18196) has to sustain over 18350-18400 area for
further rally towards 18600-18650* & 18800*-19050 zone for the day
(under bullish case scenario).*
*On the other side, sustaining below 18250-18200 area, BNF may further
fall towards 18000*-17900 & 17800-17600* zone for the day (under bear
case scenario).*
*<https://3.bp.blogspot.com/-MfEdTTz4ACU/WGnN_iezSHI/AAAAAAAAKA8/9YKBt697Amg2WQlXOweUP-XT0V6AwI-ywCLcB/s1600/SGX-NF-30-12-2016.png>*
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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