*Updated: 08:55*
*
*
SGX-NF: 10640 (+27; +0.25%)
Expected BNF opening: 26338 (+66; +0.25%)
SPX-500: 2723 (-1; -0.06%)
*Fut-I (Key Technical Levels)*
*
*
Support for NF:
10605/10570-10535/10490*-10450/10405-10375/10350
Resistance to NF:
10655/10675-10720*/10750-10800/10875-10935/10955
Support for BNF:
26200*/26050-25900/25700-25500/25350-25150/25000
Resistance to BNF:
26450*/26550-26650/26825-26950/27050-27250/27500
Support for SPX-500:
2705*/2690-2670/2650-2625/2610
Resistance to SPX-500:
2745/2760-2775/2890-2810/2835
*Technical View (Nifty, Bank Nifty, SPX-500):*
Technically, Nifty Fut-I (NF) has to sustain over 10675 for a further
rally to 10720/10750-10800/10875-10935/10955 in the near term (under
bullish case scenario).
On the flip side, sustaining below 10655 NF may fall to
10605/10570-10535/10490-10450/10405 in the near term (under bear case
scenario).
Technically, Bank Nifty-Fut (BNF) has to sustain over 26450 for a
further rally to26550/26650-26825/26950-27050/27250in the near term
(under bullish case scenario).
On the flip side, sustaining below 26400 BNF may fall to
26200/26050-25900/25700-25500/25350 in the near term (under bear case
scenario).
Technically, SPX-500 now has to sustain over 2760 for a further rally
to2775/2890-2810/2835in the near term (under bullish case scenario).
On the flip side, sustaining below 2745-2735 SPX-500 may fall
to2705/2690-2670/2650in the near term (under bear case scenario).
*Valuation metrics:*
*
*
Nifty-50: 10614; Q3FY18 EPS: 403; Q3FY18 PE: 26.34; Avg FWD PE: 20; Proj
FY-18 EPS: 418; Proj Fair Value: 8360
Bank Nifty: 26328; Q3FY18 EPS: 807; Q3FY18 PE: 32.62; Avg FWD PE: 20;
Proj FY-18 EPS: 961; Proj Fair Value: 19220
SPX-500: 2724; TTM Q4-2017 EPS: 111; TTM PE: 24.54
Positive opening on upbeat global cues amid hopes for a “political
government” in Italy rather than a “technocrat government” and an
imminent election, which may be dubbed as a de-facto EUR/EU referendum.
Overnight US market was also boosted by a renewed surge in oil and ease
of Volker rules positive for the energy companies and banks & financials
respectively.
Indian market may watch oil as its again gaining momentum (near-term
range of WTI may be $65-75). In addition to that, the market will also
focus on the By-Poll results to gauze the underlying political sentiment
in the country as a result of higher fuel prices and higher inflation,
overall unemployment/underemployment issues, DeMo, and GST blues.
All eyes will be also on India’s fiscal deficit and Q4 GDP, which is
poised to come around 7.3% against prior 7.2% (Y/Y). As a reminder,
Moody’s has downgraded the Indian FY-18 GDP forecast to 7.3% from 7.5%
earlier, while retained the FY-19 GDP forecast of 7.5% for the time
being. Moody’s has cited higher oil prices, tighter financial
conditions, high corporate NPA and the current wave of deleveraging to
weigh on India’s recovery pace, while it may be supported by the
cyclical recovery of private capex (business investment) and consumption.
The Indian market may be also concerned about MSCI warning about a
review of India’s weightage for its protectionism stance in the SGX issue.
GLOBAL MARKET ANALYSIS: <https://www.iforex.in/news>
FOLLOW ME: TWITTER.COM/ASISIIFL
<https://3.bp.blogspot.com/-Ku5UOBiZGxQ/Ww99p1xSZ4I/AAAAAAAAQHI/CGgGFrUnMjcsILhbhfVYe_cS7Xp_gYc3QCLcBGAs/s1600/SGX-NF-FIBB-30-05-2018.png>
NIFTY-SGX-NF
<https://3.bp.blogspot.com/-p63T0Jx3Qq4/Ww99y4PiXwI/AAAAAAAAQHM/AB4D6G7k600pnGvG6wxOhONnDxRAHI3QQCLcBGAs/s1600/BNF-PATTERN-30-05-2018.png>
BANK NIFTY-BNF
<https://2.bp.blogspot.com/-gL82DyYMfk8/Ww993sttj9I/AAAAAAAAQHQ/ADmwju1fKco__VyeDIh4cNXF6dhDy2jigCLcBGAs/s1600/SPX-500-PATTERN-30-05-2018.png>
S&P-SPX-500
<https://2.bp.blogspot.com/-kru4olubIhg/Ww99-O-JN6I/AAAAAAAAQHY/sSVhy7TwPM8EBpqnsDbnPy_dk38FGrZDgCLcBGAs/s1600/EURUSD-PATTERN-30-05-2018.png>
EURUSD
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