Market Mantra: 24/07/2017 (09:00)
SGX-NF: 9925 (+14 points)
For the Day:
*Key support for NF: 9905/9865-9830/9810*
*Key resistance for NF: 9960/9985-10005*
*Key support for BNF: 24250-24000*
*Key resistance for BNF: 24350-24500*
*Hints for positional trade:*
*Time & Price action suggests that, NF has to sustain over 10005 area
for further rally towards 10050-10115 & 10195-10250 in the short term
(under bullish case scenario).*
*On the flip side, sustaining below 9985-9960 area, NF may fall towards
9905/9865-9830/9810 & 9775- 9715 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 24350 area for further rally towards
24500-24700 & 24875-25050 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 24300 area, BNF may fall towards
24150/24000-23900 & 23750-23500 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (July) may open around 9925,
almost up by 14 points tracking subdued global/Asian cues; but positive
China/HKG market after upbeat forecast of China GDP (6.8%) by CASS (a
China think tank, closer to Govt circle) and optimism about China/HKG
Next tech shares after recent sell off; but China deleveraging story and
subsequent slowdown on overseas investment may also affect the sentiment
later on.
Overnight, US market (DJ-30) closed inslight red (-0.15%) flowing
terrible report card from GE and ongoing Trumpcare/US political jitters;
USDJPY has gone down below the 111 level, making Yen & other Asian
currencies stronger, which may be affecting most of the export heavy
Asia-Pacific index today.
Back to home, all eyes may be on HDFC Bank today on its report day apart
form RIL for R-Jio & Petchem optimism; but for any further rally,
technically RIL now need to stay over 1595-16110 level; otherwise may
come down; valuations may be already over stretched amid excessive
optimism over R-Jio.
<https://1.bp.blogspot.com/-_wHn1S2SGnU/WXVxUA7PSFI/AAAAAAAAMc4/6hQ7-KvqZ_IDBCatr1kYT4AsDB8nNQtpQCLcBGAs/s1600/NF-24-07-2017.png>
NF
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Thanks & Regards,
Asis Ghosh
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