Indian Market May Focus On Global Chorus Of QT (Quantitative
Tightening), Smooth Roll Out Of GST So Far, Q1 Earnings, NPA & Progress
Of Monsoon (So Far Above 5% LPA And May Be Good For Rural Economy)
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*Market Mantra: 07/07/2017 (08:30)*
**
*
*
*
SGX-NF: 9645 (-23 points)
For the Day:
*Key support for NF: 9625/9605-9575*
*Key resistance for NF: 9675/9725-9775*
*Key support for BNF: 23450-23300*
*Key resistance for BNF: 23575-23800*
*Time & Price action suggests that, NF has to sustain over 9725 area for
further rally towards 9775-9835 & 9875-9915 in the short term (under
bullish case scenario).*
*On the flip side, sustaining below 9705-9675 area, NF may fall towards
9625-9575 & 9535-9485 & area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 23575 area for further rally towards
23650-23800 & 23900-24050 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23525-23450 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 23 points down following tepid global cues even after panic
buying of JGB bonds by BOJ at 0.11% yield in a desperate attempt to keep
the JGB yield around 0.00% in its effort under YCC (yield curve control,
a relatively new method by BOJ for its QQE) after ECB minutes yesterday
shows about hints of QE tapering, which resulted in a global bond rout
and slump of global stock market.
Overnight US market (DJ-30) also closed lower (-0.74%) tracking global
chorus of QT and subdued US economic data (ADP/ISM-Non MFG) and plunge
in tech shares.
Indian market may be also under some stress as EM may be vulnerable to
global bandwagon of QT in the days ahead.
<https://2.bp.blogspot.com/-25om9SABlrY/WV8N5GlwcDI/AAAAAAAAMSg/JwMUMwBfJvI6lOk2mmrXK-dm39RKvq53wCLcBGAs/s1600/SGX-NF-07-07-2017.png>
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Thanks & Regards,
Asis Ghosh
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