*Market Mantra: 06/12/2016 (08:30)*
*Sad Demise Of “Amma” May Create A Political Vacuum Not Only In TN, But
Also In The Centre, Being The 3-rd Largest Party; GST May Be Further
Delayed. *
*Watch 8215-8275 & 8125-8060 Zone In Nifty Fut (Dec), Which May Open
Around 8150.*
As par early SGX indication, Nifty Fut (Dec) may open around 8150 (-23
points) following flat global cues.
Overnight US market was strong (+0.24%) on the back of upbeat ISM
Non-Mfg PMI, which came at 57.2 against estimate of 55.4 (prior: 54.8).
USD was mixed amid falling US bond yields and DXY has broken the key
technical level of 100.45 and now trading around 100. Any fall below 99
may further drag it towards 97-96 zone just weeks before Fed meet.
In EU, Italian PM, who has offered his resignation yesterday after
defeat in the constitutional referendum was asked by the
President/Parliament to continue till the budget. But, Italian banking
recapitalization effort may be hampered because of this ongoing
political risks there (4 PM in the last 6 years!!).
Looking ahead, all eyes will be on the ECB & Draghi’s comments day after
tomorrow apart from Fed’s stance (forward guidance for 2017) on 16^th
Dec as 0.25% rate hike is almost certain now.
Back to home, apart from the demonetization related news flows, all eyes
will be on the progress of GST. As par Kerala FM, dual control mechanism
may not be passed by the GST council as there is no consensus due to
“adamant” nature of both sides (states & centre) and also for the fact
that the Centre does not have the required 2/3^rd majority in the GST
council.
Thus, as of now, there is little hope for the passage in the current
Parliament session unless there is a consensus on the next meeting
(10-11 Dec), but there is little hope.
Market will be focused on RBI action tomorrow and hopes are now running
very high for 0.50-1.00% repo rate cuts on the back of falling inflation
and growth as a result of demonetization.
*Technically, NF has to sustain over 8195-8215* area for further rebound
towards 8275*-8335 zone for the day (under bullish case scenario).*
*On the other side, sustaining below 8125*-8100 area, NF may further
fall towards 8060/8040*-8000 & 7950-7900* zone for the day (under bear
case scenario).*
*Similarly, BNF (LTP: 18481) has to sustain over 18575-18650* area for
further rally towards 18800-18975* & 19100*-19350 zone for the day
(under bullish case scenario).*
*On the other side, sustaining below 18450-18300* area, BNF may further
fall towards 18200*-18100 & 17950-17850* zone for the day (under bear
case scenario).*
<https://1.bp.blogspot.com/-WNkm3szFoG8/WEY0td50eVI/AAAAAAAAJsQ/2EX5ORK7rP0VnxGJiFcN75PoIQyJQ6NgQCLcB/s1600/SGX-NF-06-12-2016.png>
SGX-NF
<https://1.bp.blogspot.com/-CX7PLkOygtw/WEY0vHFJ0GI/AAAAAAAAJsU/w9X3H7LKfAgDoG9ckmPRphW55VklVZNRwCLcB/s1600/BNF-05-12-2016.png>
BNF
--
Thanks & Regards,
Asis Ghosh
--
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