*Market Mantra: 09/03/2017 (08:30)*
*Watch 8975-8865 & 8995-9075 Zone In Nifty Fut (March), Which May Open
Around 8900 Today*
As par early SGX indication, Nifty Fut (March) may open around 8900
following tepid global cues after overnight slump in oil for concerns of
sustained supply glut & an impending Fed rate hike next week as a result
of blockbuster ADP job data released in yesterday. Also, in the morning,
overall Chinese core CPI & PPI data is below market estimates and also
against the global reflation perception; by incrementally higher core
PPI of Chinese goods, China is expected to distribute its inflation for
the rest of the world, especially US & EU and also Japan (DM). As a
result, global market is somewhat subdued today with an added concern of
France political risk and ongoing saga of Brexit.
Amid all these global concerns and hawkish Fed, Indian market also
looked nervous today at the beginning ahead of crucial exit polls
released later in the day after market hours. Although, as par
unofficial betting sources, BJP is poised for a big win in all the
states including UP except Punjab this time as despite DeMo, there is no
let up in popularity of NAMO, who is being seen as the “friend of the
poor” after his “war on black money”, it may not be sacrosanct.
As par some party sources, BJP top brass is not itself so much confident
and is apprehending a fractured verdict in UP, the most important state
now which is seen as a mini referendum for NAMO; it’s also very true
that there is now no credible political leader to compete with NAMO at
national level, but Akhilesh may be a formidable force in UP politics
also. Thus, market may take wait & watch mode till the actual result on
Saturday, 11^th March before jumping in as ultimately, an election is
full of uncertainty; recent example may be Bihar.
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (March @8900) has to
sustain over 8975 area for further rally towards 8995-9035 & 9075-9125
for the day/ in the short term (under bullish case scenario).*
*On the other side, sustaining below 8975 zone, NF may fall towards
8935-8890 & 8865-8795 area for the day/ in the near term (under bear
case scenario).*
*Similarly, BNF (LTP: 20777) has to sustain over 20950 area for further
rally towards 21050-21150 & 21350-21500 area for the day/ in the near
term (under bullish case scenario).*
*On the other side, sustaining below 20900 area, BNF may fall towards
20750-20600 & 20490-20250 zone for the day/in the near term (under bear
case scenario).*
<https://2.bp.blogspot.com/-ID6XpyhlrZ4/WMDQ3XvLaUI/AAAAAAAAKzY/SPJfVlKw7Y0RBaClYnoIC6yqddzK-fcMACLcB/s1600/SGX-NF-09-03-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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