Market Mantra <https://www.iforex.in/news>: 04/09/2017 (09:00)
SGX-NF: 9930 (+10)
For the Day:
*Key support for NF: 9910/9870-9820*
*Key resistance for NF: 9940-9980/10050*
*Key support for BNF: 24200-24000*
*Key resistance for BNF: 24400-24575*
*Hints for positional trading:*
*Time & Price action suggests that, NF has to sustain over 9980 area for
further rally towards 10030/50-10090 & 10160-10205 area in the short
term (under bullish case scenario).*
*On the flip side, sustaining below 9960 area, NF may fall towards
9910-9870 & 9820-9870 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 24400 area for further rally towards
24525/24575-24675 & 24775-24875 area in the near term (under bullish
case scenario).*
*On the flip side, sustaining below 24350 area, BNF may fall towards
24200-24000 & 23850-23700 area in the near term (under bear case scenario).*
As par early SGX indication, Nifty Fut (Sep) may open around 9930,
almost flat tracking muted global/Asian cues after a report that NK is
moving its ICBM launch pad to the west coast launch zone ahead of its
“foundation day” on 9^th Sep, which seems to be a preparation for
another ICBM test.
Although, it may be also a part of demonstration of its ICBM missile
capability in the foundation day celebration, market is anxious about
another ICBM launch over the JP airspace towards the US military base in
Guam at Pacific Ocean and thus, there is again some risk aversion sentiment.
As US market was closed yesterday for Labour Day holiday, market may be
also waiting for reaction from US traders in the NY session today for
the overall NK nuke issues. US stock future (SPX-500) is now edged down
around 2465 (-0.10%) ahead of EU opening.
Apart from geo-politics, market may also focus on ECB day after tomorrow
to gauze Draghi’s appetite for QE tapering.
*Indian Market May Continue To Be Victim Of “Game Of Chickens” Between
Kim & Trump Despite Incremental Policy Reforms By The Govt:*
Back to home, apart from stretched valuations, Indian market may be
continued to be a victim of NK geo-political tensions despite
incremental policy reforms by the Govt. As par updated NSE data (?),
Q1FY18 TTM EPS for Nifty may be now around 384, down from around 395 in
Q4FY17 and in that scenario, Nifty TTM PE may be now around 25.78, still
over 2-SD of 25 and well above historical mean PE of 20.
Market may be giving benefit of doubt to the Indian market due to DeMo &
GST disruptions and may wait & watch the Q2FY18 numbers to see the
actual trend; till then Nifty may hover around 9700/9650-10150/10200
area and every fall due to any black swan event may be utilized for
accumulation of quality scrips having reasonable valuations by the
investors.
<https://3.bp.blogspot.com/-NuLs-lHBvo4/Wa4lwVqLMuI/AAAAAAAAM-I/9PHbWKZLGC42KQpuNZYVz7YJYmh08xy4ACLcBGAs/s1600/SGX-NF-05-09-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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