Market Mantra: 23/08/2017 (09:00)
SGX-NF: 9800 (+6)
For the Day:
*Key support for NF: 9785/9760-9705*
*Key resistance for NF: 9850-9890*
*Key support for BNF: 23900-23800*
*Key resistance for BNF: 24275-24375*
*Hints for positional trading:*
*Time & Price action suggests that, NF has to sustain over 9850 area for
further rally towards 9890-9940 & 10000-10040 area in the short term
(under bullish case scenario).*
*On the flip side, sustaining below 9830 area, NF may fall towards
9785/9760-9705 & 9660-9585 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 24275 area for further rally towards
24375-24525 & 24650-24775 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 24225-24150 area, BNF may fall
towards 23900-23800 & 23600-23450 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (Aug) may open around 9800,
almost flat tracking mixed global cues amid Trump’s political rhetoric &
pledge of building the Mexican border wall, even if it calls for a US
debt ceiling (shut down); yesterday market was very upbeat in the NY
session over Trump’s tax reform optimism.
It seems that now-a-days Trump is now very busy with his political
campaign, may be under the influence of his “Political Guru” NAMO amid
US policy paralysis; but Trump is also getting good gatherings
(supporters) at his rally amid debate of nationalism & globalism despite
his dwindling approval level.
In one such political rally today just few hours ago, Trump commented
that “if we have to close down our Govt, we are building that wall’. He
also hinted about termination of NAFTA agreement in the months ahead and
urged for US congress help to pass his tax reform agenda. Trump also
virtually thanked NK’s Prez Kim and said that “he respects the fact that
Kim is respecting us”. Also, US Sec of state Tillerson commented that
NK’s restraint may lead to negotiations
Yesterday, there are some reports that Trump’s top aides and leading
congressional leaders have made significant “strides” in shaping a US
tax overhaul, which may be acceptable by all the concerned stakeholders
and subsequently may also be passed by the congress. There was some
reports that, US may cut around $450 bln of taxes in personal &
corporate tax without any corresponding cut in fiscal spending!!
Also there was some soft approach towards NK by various US officials &
leaders despite NK’s narratives of a “merciless revenge” for the ongoing
US-SK military drill and coupled with that Trump’s change in tone for a
more balancing approach in the VA racist incident may have boosted the
risk appetite sentiment & morale of USD bulls to some extent ahead if
Jackson Hole Symposium.
Market is expecting a hawkish Yellen signaling for a definitive BS
tapering at Jackson Hole and thus USDJPY got some short covering and
fresh buying from the triple bottom area of 108.50 and risk trade
resumed to some extent coupled with pause in EU terror activities.
*Overnight US market*also closed upbeat; DJ-30 at +0.90%; SPX-500 at
+0.99% and NASDAQ also closed up by 1.36% on hopes of US tax reform and
policy optimism; tech shares also helped the US market yesterday.
But, slump in metal prices in China coupled with Trump’s political
rhetoric (Mexican border wall & US debt ceiling issues) may have
dampened the Asian/Global market sentiment to some extent and US stock
future (SPX-500) is now trading around 2450, down by almost 0.22%.
Looking ahead, SPX-500 today needs to stay above 2455-2465 area for
further strength; otherwise expect some consolidation.
Back to home, *Indian market* (Nifty Fut) is trading in a defined range
after initial volatility and may be consolidating before a next big
move. Market may be concerned over stretched valuations, NPA
resolutions, Govt’s “war of black money & shell cos”, Infy saga, and
ongoing China-Ind “war of words” for the Doklam & other border issues
apart from Korean tensions & US political jitters coupled with Fed/ECB
tightening.
Indian market may also focus on slump in metal prices after China
regulatory warning and buzz of an imminent PSBS merger to only 15
entities from around 30 public sector banks.
<https://4.bp.blogspot.com/-zggkfSdtGp4/WZ0SSWxaCEI/AAAAAAAAM0o/fqXTLEejAIkICk879jfXG6aHfeei80LywCLcBGAs/s1600/SGX-NF-23-08-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
--
Kindly email stock reports at
STOCKRESEARCHER@googlegroups.com
For sharing knowledge
-- NIFTYVIEWS.COM NOW A FREE OPEN SOURCE WEBSITE.
http://www.niftyviews.com/
Disclaimer :-
"The opinions expressed by the members on this board are based on
their individual experience and perceptions and to share information
with other members with the best of intentions to help fellow members
in investment decisions as equity investment is a risky venture.The administrator of
www.Niftyviews.com just provide a platform for the authors to express their opinion
and take no guarantee for the genuineness of the same."ANY member of this forum
doesnt prepare or publish any research report; or ii. provide research report; or
iii. make 'buy/sell/hold' recommendation; or iv. give price target;
---
You received this message because you are subscribed to the Google Groups "Niftyviews.com" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to stockresearcher+unsubscr...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.