*Market Mantra: 23/06/2017 (08:30)*
*SGX-NF: 9625 (-6 points)*
*For the Day:*
*Key support for NF: 9605/9580-9560/9530*
*Key resistance for NF: 9655/9675-9725*
*Key support for BNF: 23650-23500*
*Key resistance for BNF: 23900-24000*
*Time & Price action suggests that, NF has to sustain over 9725 area for
further rally towards 9775-9825 & 9865-9950/10050 in the short term
(under bullish case scenario).*
*On flip side, sustaining below 9705-9675 area, NF may fall towards
9605-9580/9560 & 9530/9505-9470 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 23900 area for further rally towards
24000-24115 & 24250-24435 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23850-23750 area, BNF may fall
towards 23650-23500 & 23400-23300 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (June) may open around 9625,
almost flat tracking subdued global cues. Overnight, US market/DJ-30
also closed almost flat (-0.06%) supported by health care stocks after
the “secret Trumpcare” bill saw the day of the light; although most
probably it may not be passed in the senate!!. On the other side, Banks
were in some pressure ahead of Fed stress test result, although all the
Banks are expected to pass the tests with distinction number! Oil was
still under pressure amid OPEC cut squabbling and concern of supply glut
despite Saudi’s effort to push it to $60 ahead of its mega IPO Armaco.
Back to home, Indian market may see some stress ahead of GST blues to
make it an excuse for long unwinding as valuations may be quite
stretched and Nifty EPS continues to hover below 400 level for the last
few years despite all the earnings recovery narratives; in FY-18, due to
GST disruptions, there is high probability of another year of tepid
earnings as corporates may find it easier to make the GST as a scapegoat
for any subdued earnings.
Domestic market will also focus on NPA resolution (RBI/IBC); but mere
sending some high profile cases to NCLT and formation of various
oversight committee (OC) may not mean that the NPA crisis will be over
shortly and it may be dragged on for quite a few years unless the
underlying project becomes viable itself.
<https://2.bp.blogspot.com/-ra8I9uw9lEs/WUyVW1GXSrI/AAAAAAAAMJs/IQXsdSGvFeko2tHpngVmc6FGGP1SJ6nmwCLcBGAs/s1600/SGX-NF-23-06-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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