*Market Mantra: 27/04/2017 (08:30)*
*SGX-NF: 9350 (+6 points)*
*For the Day:*
*Key support for NF: 9295/75-9215*
*Key resistance for NF: 9385/9435-9510*
*Key support for BNF: 22150-22000*
*Key resistance for BNF: 22305-22400*
As par early SGX indication, Nifty Fut (Apr) may open around 9350,
almost flat following tepid global cues after Trump disappointed the
market with his one pager tax reform plan (vision-2028 ?) for US
economy. In brief, there was nothing in his tax plan (outline), which is
not known to the market and that is too little in details also. His tax
vision of highest slab for business tax is outlined at around 33% from
existing 35% + surcharge (effective around 40%), which may be
significantly above market expectations around 25-20%. The rate of 15%
business tax may be only applicable for small US business (SMES) and not
for the “rich US corporates”. In effect, Trump’s tax plan, if
implemented in its present form may cost US exchequer around $7 tln over
next 10 years (as par some estimates).
Globally, all eyes may be also on the BOJ & ECB today for their policy
statement with no expectation of any rate/QQE action. BOJ has just
flashed it statement and kept its optimistic outlook for the Japanese
economy; i.e. they are not in mood for any additional QQE in the days
ahead.
As a result of Trump’s tax plan disappointment and not so dovish BOJ,
USDJPY is getting weaker and “risk on” trade after the French relief
rally may be over by today.
Back to home, all eyes will be on the ongoing Q4 earning numbers and an
effective policy by the Govt for NPA resolution.
*Hints for actionable trading ideas for NF/NS & BNF/BNS:*
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9385 area for further rally towards 9435-9475 & 9510-9550 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9365 area, NF may fall towards 9295-9255
& 9215-9180/9115 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 22305 area for further rally towards
22400-22500 & 22675-22800 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22250 area, BNF may fall towards
22150-22000 & 21900-21725 area in the near term (under bear case scenario).*
<https://2.bp.blogspot.com/-z_hpvc_rYew/WQFqI_RC8LI/AAAAAAAALfk/pNWIeFvpIsgAff5z6NQOD0JkuE6LPXHpQCLcB/s1600/NF-26-04-2017.png>
NF
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Thanks & Regards,
Asis Ghosh
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