*Market Mantra: 03/03/2017 (08:30)*
*All eyes will be on Yellen & host of Fed speakers today to have an
idea, if March hike is indeed coming or not with FFR now around 90%*
*Domestically, all eyes may be on the Indian bond market & Service PMI
(Feb) today (prior: 48.7) amid ongoing confusions about Q3 GDP figure*
*Watch 8935-8840 & 8955-8995 Zone In Nifty Fut (March), Which May Open
Around 8880 Today*
As par early SGX indication, Nifty Fut (March) may open around 8880 (-32
points) following tepid global cues after overnight fall in US
market(-0.53%) as Trumps speech euphoria wanes and market began to think
reality than fiction about Trump’s “wonderland”. USD/US bond yields are
also under pressure as Trump trade fades ahead of Yellen today. As the
things stand as of now, a dovish Yellen may be the most surprising event
now as FFR now indicates almost 90% probability of a March rate hike,
thanks to consistent hawkish script by various Fed speakers and a string
of upbeat/mixed US economic data. US NFP data will not be published
today due to holiday on Monday and it will be flashed next Friday.
Today’s morning data from China (Service PMI) was also tepid and
slightly below estimates at 52.6 (estimate 53.3; prior: 53.1). China is
trading lower and also Japan is depressed as Yen got some strength.
*Hints for actionable trading idea:*
*Technically, **Nifty Fut (March @8880) has to sustain over 8955 area
for further rally towards 8995*-9035 & 9075-9125 for the day (under
bullish case scenario).*
*On the other side, sustaining below 8935 zone, NF may fall towards
8875- 8840* & 8790/8770-8715 area for the day (under bear case scenario).***
*Similarly, BNF (LTP: 20623) has to sustain over 20950 area for further
rally towards 21050-21150* & 21350-21500 for the day/near term (under
bullish case scenario).*
*On the other side, sustaining below 20900 area, BNF may fall towards
20750-20500 & 20400*-20250 zone for the day/ in the near term (under
bear case scenario).*
<https://4.bp.blogspot.com/-ebcu2nk5m_Q/WLjodWtPSkI/AAAAAAAAKuw/_Lz5PqKWgSIZUh5wW-ngWiFBAoKFCTLagCLcB/s1600/SGX-NF-03-03-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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