*Market Mantra* <https://www.iforex.in/news>: 11/01/2018 (09:00)
SGX-NF: 10630 (-5)
For the Day: updated: 14:30
*For 11/01/2018: Jan-Fut***
*Key support for NF: 10615/10560-10500/10415*
*Key resistance for NF: 10675/10700-10775/10815*
*Key support for BNF: 25600/25475-25325/25200*
*Key resistance for BNF: 25775/25875-26000/26200*
*Trading Idea (Positional):*
*Technically,*Nifty Fut-Jan (NF) has to sustain over 10700 area for
further rally towards 10750/10775- 10815/10860 & 10955-11095 zone in the
short term (under bullish case scenario).
*On the flip side,*sustaining below 10675-10655 area, NF may fall
towards 10615/10560-10500/10415 & 10350-10200 zone in the short term
(under bear case scenario).
*Technically,*Bank Nifty-Fut (BNF) has to sustain over 25875 area for
further rally towards 26000/26100-262000/26250 & 26325-26615 zone in the
near term (under bullish case scenario).
*On the flip side,*sustaining below 25825-25775 area, BNF may fall
towards 25600/25475-25325/25200 & 25000-24850 area in the near term
(under bear case scenario).
*Indian market*(Nifty Fut-Jan/India-50) is now trading around 10660,
edged up by almost 0.25% *on mixed global cues*
<https://www.iforex.in/news/europe-seen-higher-higher-usd-after-china-denied-reports-reduced-ust-buying-47743>
and earnings optimism, higher oil, fiscal worries, concern for populist
budget and imposition of long term capital gain tax (LTCGT) directly or
indirectly.
Meanwhile, Indian 10YGSEC bond yield again soared to 7.453% at fresh 52
weeks high and eyeing 7.50% on concern for fiscal slippages, economic
stagflation & hawkish RBI in the coming days. USDINR-I is also trading
higher at around 63.81 (+0.12%) on global recovery in USD after China
denial of yesterday’s reduced UST buying news.
A dual combination of higher USD & higher oil may not be good for Indian
macro and rating agencies may also review their stance on India, if
Brent oil sustains above $70.
Meanwhile, report card from Indusind Bank (IIB) may be termed as mixed;
although PAT came in line, NIM is below estimate & NPA is also elevated
slightly. Being an “ever green” performer & a new generation bank, IIB
does not have so much corporate stressed assets like ICICI/AXIS Bank,
but a mixed result from such blue chip private bank may be disappointing
considering its steep valuation and overall stretched valuation of the
market.
In any way, whatever be the narrative, IIB now has to sustain above
1765-1800 zone for any fresh rally; otherwise it will come down and
sustaining below 1690-1670, it may correct.
<https://3.bp.blogspot.com/-N0y18v0d3KA/WlctJd-MwRI/AAAAAAAAOe8/Pa40RXkWifwyGC-5FxvQqDtK2K_cWaeZQCLcBGAs/s1600/SGX-NF-11-01-2018.png>
SGX-NF
<https://4.bp.blogspot.com/-3mi1lTjaVVw/WlctM2LZ7cI/AAAAAAAAOfA/pOKfI4nZbkIbg5K1-13VcKI-XfLJtixwwCLcBGAs/s1600/IIB-PATTERN-10-01-2018.png>
IIB
<https://1.bp.blogspot.com/-0_CwysfV1ZM/WlctQ30Im2I/AAAAAAAAOfE/5VFUcsFmGhISXIGi-vGPo7SdQ1j3snURwCLcBGAs/s1600/SPX-500-PATTERN-11-01-2018.png>
SPX-500
--
Thanks & Regards,
Asis Ghosh
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