*Market Mantra: 22/03/2017 (08:30)*
*SGX-NF: 9080 (-75 points)*
*Vital support for NF: 9060-9025/8995*
*Vital resistance for NF: 9125-9165/9195*
*Vital support for BNF: 21000-20900*
*Vital resistance for BNF: 21400-21500*
*Although global sentiment is down today, fall in USD & Oil may support
Indian market sentiment to some extent.*
As par early SGX indication, Nifty Fut (March) may open around 9080, gap
down by 0.75% following overnight slump in US market (-1.15%) as
reflation or rather Trumpflation trade got a jolt amid squabbling about
Trumponomics and fate of Obamacare replacement and an apparent chaos in
Trump’s administration. As a result, USD was in free fall & USD bond
yields were also down significantly and subsequently financials/banking
shares got a jolt (lower bond yields may translate into lower NIM).
Pharma shares were also down due to confusion about Obamacare
replacement with another affordable medical care act.
China is also tightening its home loan market; but provided some
liquidity support in its interbank market to avoid default. Japan is
also down more than 2% as JPY is getting stronger against USD and there
was also an unconfirmed news about another launch of NK missile just a
little while ago.
Amid all these global jitters, Indian market may find some support after
gap down opening in the form of weaker USD & Oil, which may be
beneficial for Indian macro economy; but concern of stretched valuation
and bank’s huge NPA, farm loan waiver, tepid loan growth may also limit
any significant bounce back. Kotak & Axis Bank may be in focus today
amid increasing buss of an imminent M&A after Kotak CEO has expressed
his “animal spirits” yesterday at a conclave.
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (March) has to sustain
over 9165 area for further rally towards 9195-9235 & 9275-9350 for the
day/ in the short term (under bullish case scenario).*
*On the other side, sustaining below 9145-9125 zone, NF may fall towards
9060-9025 & 8995-8950 area for the day/ in the short term (under bear
case scenario).*
*Similarly, BNF has to sustain over 21400 area for further rally towards
21500-21675 & 21855-21950 area for tomorrow/ in the near term (under
bullish case scenario).*
*On the other side, sustaining below 21350-21250 area, BNF may fall
towards 21000-20900 & 20800-20600 zone for tomorrow/ in the near term
(under bear case scenario).*
<https://3.bp.blogspot.com/-bey27mvvZcA/WNHzI7T5ghI/AAAAAAAAK_4/HIrxrXt2v1AjipXPex_iAubyWbEW3ttPwCLcB/s1600/SGX-NF-22-03-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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