*Market Mantra: 13/04/2017 (08:30)*
*SGX-NF: 9195 (-31 points)*
*Key support for NF: 9170/9150-9115/9085*
*Key resistance for NF: 9215-9255 & 9280-9315*
*Key support for BNF: 21675-21450*
*Key resistance for BNF: 21775-21875*
As par early SGX indication, Nifty Fut (Apr) may open around 9195,
slightly gap down following tepid/mixed global cues amid lingering
geopolitical tensions and Trump’s jawboning about a weaker USD.
Yesterday Trump commented that USD is very strong and he will like to
see it weaker wrt other major currencies and also commented that he
likes to lower Fed rate in a complete about turn of his previous
election rhetoric. He also indicated to fill up the current vacant
positions in FOMC with some dovish members and Yellen, being an original
dove, she may also get an extension next year. Trump also indicated that
China will not be leveled officially as “currency manipulator” by US,
because China will help to diffuse tension with NK for a favourable
trade deal with US.
Thus, all these efforts to talk down the USD tactics by Trump, specially
his comments about US Fed rate & dovish FOMC members has put significant
pressure on USD & risk trade is off (USD now becomes a risk or reflation
currency after Trumpism contrary to earlier perceptions of a safe haven
currency). Subsequently, USDJPY has broken the important level of 109
and now eyeing the next 107 level; Japanese market (Nikkei) is down.
China’s Yuan has gained following Trump’s unwillingness to label it as
“currency manipulator”, PBOC’s liquidity injection after nearly two
weeks and an upbeat trade balance data (both export & import data
flashed much above estimate). China’s market is trading in positive
zone. Contrary to China, US/Trump & Co may now be levelled as a great
manupulator of its currency (USD).
Back to home, all eyes will be on Infy’s report card today, which is
just flashed and at a glance, Q4 results may be at par street estimates.
Market may look now for its guidance.
*Hints for actionable trading idea: Nifty & Bank Nifty Fut*
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9170 area for further rally towards 92159255 & 9280-9315 for the day/in
the short term (under bullish case scenario).*
*On the other side, sustaining below 9150 area, NF may fall towards
9115-9085 & 9040-8985 area for the day/ in the short term (under bear
case scenario).*
*Similarly, BNF has to sustain over 21825 area for further rally towards
21875-21975 & 22050-22150 area in the near term (under bullish case
scenario).*
*On the other side, sustaining below 21775 area, BNF may fall towards
21650-21550 & 21450-21340 area in the near term (under bear case scenario).*
<https://2.bp.blogspot.com/-iqKLTC0VCH4/WO72clx0qVI/AAAAAAAALUQ/Wq8wJTlnyRMFbU0glJnx8pDGnBkNHYVqACLcB/s1600/SGX-NF-13-04-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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