*Indian Market May Focus On NPA/IBC Resolution Mechanism Amid Various
Legal Challenges And GST & Q1FY18 Earnings*
Market Mantra: 06/07/2017 (08:30)
SGX-NF: 9645 (-2 points)
For the Day:
*Key support for NF: 9625/9580-9535*
*Key resistance for NF: 9675-9725*
*Key support for BNF: 23300-23000*
*Key resistance for BNF: 23550-23800*
*Time & Price action suggests that, NF has to sustain over 9675 area for
further rally towards 9725-9775 & 9835-9875 in the short term (under
bullish case scenario).*
*On the flip side, sustaining below 9655 area, NF may fall towards
9605-9580 & 9560-9535 & area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 23550 area for further rally towards
23650-23800 & 23900-24050 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23500 area, BNF may fall towards
23300-23100 & 23000-22800 area in the near term (under bear case scenario).*
As par early SGX indication, Nifty Fut (July) may open around 9645,
almost flat tracking muted global cues amid threat of a military action
by US on NK after the nuke capable ICBM test by the later. Also, FOMC
minutes released yesterday reveals nothing new, which market does not
know; it seems that Fed is quite divided & confused about timing of B/S
tapering & next rate hike. But, it’s clear that Fed sees subdued US
inflation as transitory and may be also very optimistic about US job market.
Overall, it now seems that Fed may start its gradual tapering from
Sep’17 and may also hike once more in Dec’17, if incoming US economic
data supports that; after FOMC minutes FFR is little changed at around
56% for a Dec rate hike by Fed.
Back to home, apart from GST & Q1FY18 earnings, market may also focus on
NPA/IBC resolution mechanism after Essar Steel got an interim stay from
Gujarat HC against the whole process; there may be some apprehension
that other large NPA borrowers may also approach HC and get similar
stays against the RBI circular (IBC). In that scenario, the whole
resolution process of NPA/IBC may be in doubt.
<https://4.bp.blogspot.com/-M4qjSHcquEM/WV29AOgZhEI/AAAAAAAAMRs/B-hF93eWmCAMaRtSmBlbuckQqQUzekDTgCLcBGAs/s1600/SGX-NF-06-07-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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