*Market Mantra: 27/03/2017 (08:30)*
*SGX-NF: 9090 (-21 points)*
*Key support for NF: 9100-9060 & 8995-8950*
*Key resistance for NF: 9150-9195 & 9235-9275*
*Key support for BNF: 21100-20950 & 20800-20700*
*Vital resistance for BNF: 21250-21350 & 21500-21675*
As par early SGX indication, Nifty Fut (March) may open around 9090,
almost flat, but recovered by around 32 points from the early Asian
session low on the back of better than expected China industrial profits
data (+31.5% YOY) and may be win of a regional election sea by Markel’s
party in Germany. The global “risk off” trade follows some week end US
political squabbling about failure of the passage (legislation) the US
Affordable Medicare Bill.
On Friday night, US market actually recovered from the day low after
Trump decided not to go for the vote as defeat was clearly written on
the wall on the back of some of his own RNC dissidents because market
was assuming that as the medicare chaos is now over, Trump
administration may now focus on the main aspect of Trumponomics and may
be able to pass the tax cuts bills. But, following some weekend
political war of words between Trump & his oppositions, market may now
be extremely cautious about passage of Trump’s idea about Tax cuts &
incremental huge fiscal/infra spending. Also, there was some rumour of
an impending resignation of Ryan, a key architect of Trumpcare and the
tax cut proposals.
All these US political chaos has raised serious question over
reflation/Trumpflation trade. Also, for the last few months, USD was
getting stronger causing an opposite direction for the other major G-20
currencies like Yen, EUR which may have also helped their economy to a
great extent (advantage of a depreciated currency). Thus now with USD
going down, the global reflation trade may also be in doldrums.
Among all these ongoing global jitters, Indian market may also focus on
the progress of GST, banking reform (NPA) and some specific stocks like
RIL for all the wrong reason (apart from SEBI order of around
Rs.1000-1300 cr fine with interests, R-Jio may also extend its Prime
offer due to poor response as par some reports).
*For RIL, 1265-1245 may be an important technical support and sustaining
below that it may fall towards 1145 area in the near term.*
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (March) has to sustain
over 9175 area for further rally towards 9195/9215-9235-9275 area for
the day/ in the short term (under bullish case scenario).*
*On the other side, sustaining below 9155-9135 area, NF may fall towards
9100-9060 & 9015/8995-8959 area for the day/ in the short term (under
bear case scenario).*
*Similarly, BNF has to sustain over 21350 area for further rally towards
21500-2167 area for the day/ in the near term (under bullish case
scenario).*
*On the other side, sustaining below 21300-21250 area, BNF may fall
towards 21100-2095 zone for the day/ in the near term (under bear case
scenario).*
*<https://4.bp.blogspot.com/-K1ZYZ_eztI0/WNiL3NxxB-I/AAAAAAAALDc/Aa1F2CyajtgRVhqz828XVoRUOlHP_-ybQCLcB/s1600/SGX-NF-27-03-2017.png>*
SGX-NF(APR)
--
Thanks & Regards,
Asis Ghosh
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