Market Mantra: 03/07/2017 (08:30)
SGX-NF: 9510 (-5 points)
For the Day:
*Key support for NF: 9495/9440-9395/9335*
*Key resistance for NF: 9540/9600-9670/9725*
*Key support for BNF: 23000-22800*
*Key resistance for BNF: 23350-23550*
*Time & Price action suggests that, NF has to sustain over 9615 area for
further rally towards 9670-9725 & 9775-9865 in the short term (under
bullish case scenario).*
*On the flip side, sustaining below 9600-9560 area, NF may fall towards
9495/9440-9395/9335 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 23350 area for further rally towards
23550-23750 & 23850-24000 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23300 area, BNF may fall towards
23100/23000-22800 & 22450-22300 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (July) may open around 9510,
almost flat following mixed global cues. Overnight, on Friday US market
(DJ-30) closed in positive (+0.29%) amid mixed US economic data, QTR
re-balancing of portfolio, concern of QT and supported by banks.
In the morning Asian session, upbeat China & Japan Mfg PMI data is also
supporting the risk-on sentiment.
Back to home, as Indian market may gauze the impact of GST
implementation on the economy for both short & long term, one point may
be that most of the SMES & informal sector may be under severe stress
due to higher compliance costs of GST under the present complex format &
their business model may have to transform; otherwise they may
eventually shut down. This may have ripple effect on India’s growth &
consumption story in years ahead, unless present GST model is modified
to look into their concern. SME focus Banks may be also under further
NPA stress in the days ahead.
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Asis Ghosh
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