*Market Mantra: 11/01/2017 (08:30)*
*Watch 8320-8275 & 8350-8375 Zone In Nifty Fut (Jan), Which May Open
Around 8330 Today*
As par early SGX indication, Nifty Fut (Jan) may open higher around 8320
(+35 points) despite some fall in overnight US market and mixed/tepid
Asian cues as market is waiting for any concrete plans from Trump in his
first official presser later today. If its simple rhetoric like earlier
(“We will build America great again”) without any specific plan, market
may be slightly disappointed and USD will be more weak.
But some fall in oil and USD may be helping the Indian market sentiment
today. Also, yesterday’s upbeat result from Indusind Bank, even in the
adverse backdrop of demonetization months (Nov-Dec) may be indicating
that “all is not so bad” as far Q3FY17 earnings are concerned. But,
going forward guidance & Q4FY17 earnings trend may actually dictate the
market as various exceptions & loopholes regarding the usage of old
demonetized notes will not be available after Dec’16.
Recent Auto & real estate sales data and D&B Business confidence along
with PMI reports are all indicating significant slowdown in the Indian
economy as a direct fall out of the demonetization fiasco.
But, market may be also discounting the perception that these are all
“short term pains” and transitory and everything will be normal after
Q4FY17 as almost all the so called “black money” has entered the banking
system and not destroyed which may be eventually help the great Indian
consumption story again.
In that scenario, everything may depend upon the pace of remonetization
& ease of withdrawal restrictions, Govt/IT stance on the modalities of
applicable taxes on the suspected huge “illegal” demonetized bank
deposits etc; i.e. the time for redistribution & rebuilding of “previous
wealth”.
*Hints for actionable trading ideas:*
*Technically, NF needs to sustain over 8350*-8375 for further rally
towards 8425*-8485 & 8545-8585 for the day (under bullish case scenario).*
*On the other side, sustain below 8320*-8275 area, NF may fall towards
8225*-8180 & 8105*-8040 zone for the day (under bear case scenario).*
*Similarly, BNF (LTP: 18457) need to stay above 18600 area for further
rally towards 18800-19050 zone for the day (under bullish case scenario).*
*On the other side, sustaining below 18550 area, BNF may further fall
towards 18450*-18300 & 18200*-18100 zone for the day (under bear case
scenario).*
<https://2.bp.blogspot.com/-0-L2SP3ovKc/WHWs8D8r7pI/AAAAAAAAKHQ/P7hOq6LPA5sxr9SqaHlBGlg74CPlBANegCLcB/s1600/SGX-NF-11-01-2017.png>
SGX-NF
<https://3.bp.blogspot.com/-aFI11Bbnizk/WHWs-lQ67LI/AAAAAAAAKHU/L-Z5V6FPzMMSyqBWSViYC6sk77vCnUaZQCLcB/s1600/BNF-10-01-2017.png>
BNF
--
Thanks & Regards,
Asis Ghosh
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