*Updated: 08:25*
*SGX-NF: 10708 (-36; -0.34%)*
*Expected BNF opening: 25565 (-0.35%)*
*SPX-500: 2627 (-1; -0.04%)*
*(Gap-down opening on subdued global cues amid concern of US-China trade
negotiations outcome, buzz of fresh sanctions on China ZTE and Huawei
coupled with Fed’s hawkishness about US inflation, which may prompt Fed
for quicker rate hikes despite a “dovish hold” on Wednesday. The Indian
market is also under pressure on an opinion poll, which suggests INC win
in Karnataka election).*
*Fut-I (Key Technical Levels)*
*Support for NF:***
**
*10675/10635*-10590/10570-10510/10460*
**
*Resistance to NF:***
**
*10735/10775-10800*/10840-10870/10900***
**
*Support for BNF:***
**
*25500/25350*-25150/25000-24800/24700***
**
*Resistance to BNF:***
**
*25675/25775*-25850/25915-26050/26150*
**
*Support for SPX-500: *
**
*2620/2610-2595/2575-2550/2525*
**
*Resistance to SPX-500:*
**
*2635/2665-2685/2705-2730/2750*
**
*Technical View (Positional-Nifty, Bank Nifty, SPX-500):*
*Technically, Nifty Fut-I (NF) has to sustain over 10755 for a further
rally towards 10775/10800-10840/10870 in the short term (under bullish
case scenario). ***
**
*On the flip side, sustaining below 10735 NF may fall towards
10695/10675-10635/10590 in the short term (under bear case scenario).***
**
*Technically, Bank Nifty-Fut (BNF) has to sustain over 25675 for a
further rally towards 25775/25850-25915/26050 in the near term (under
bullish case scenario).***
**
*On the flip side, sustaining below 25625, BNF may fall towards
25500/25350-25150/25000 in the near term (under bear case scenario).*
**
*Technically, SPX-500 now has to sustain over 2665 for a further rally
towards 2685/2705-2730/2750 in the near term (under bullish case scenario).*
**
*On the flip side, sustaining below 2655, SPX-500 may fall towards
2620/2610-2595/2575 in the near term (under bear case scenario).*
*Valuation metrics:*
*Nifty-50: 10718; Q3FY18 EPS: 403; Q3FY18 PE: 26.60; Avg FWD PE: 20;
Proj FY-18 EPS: 418; Proj Fair Value: 8360*
*Bank Nifty: 25568; Q3FY18 EPS: 807; Q3FY18 PE: 31.68; Avg FWD PE: 20;
Proj FY-18 EPS: 961; Proj Fair Value: 19220*
*SPX-500: 2636; TTM Q4-2017 EPS: 111; TTM PE: 23.75*
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