*Market Mantra: 13/12/2016 (08:30)*
*Watch 8225-8325 & 8195-8080 Zone In Nifty Fut (Dec), Which May Open
Around 8190 Today*
*All eyes will be on CPI data today after market hours.*
**
As par early SGX indication, Nifty Fut (Dec) may open around 8190 (+7
points), almost flat amid following tepid Global/Asian cues.
In the morning, China IIP & retail sales data for Nov came above market
expectations and the upbeat data may force PBOC for some tightening
keeping in line with the impending Fed hike. Also, some regulatory
clampdown on some specific institutional clients (insurance companies)
in China for restrictive market access is causing some pressure on the
risk trade.
After reaching nearly $55, oil is also under some pressure as focus now
shifting on implementation of the OPEC cut plan and US Bond yields also
dropped towards 2.47% after hitting high of 2.53% yesterday as Fed rate
hike of 0.25% is almost discounted by the market. Going forward, Fed’s
dot plots & forward guidance (inflation & GDP projection) may matter
most on 15^th Dec, rather than the official rate hike announcement.
Back to home, all eyes will be on the CPI data today after market hours
in order to assess the immediate impact of demonetization on the core as
well as food inflation (estimate : 3.90%; prior: 4.2%).
Headline CPI below 3.90% on a consistent basis may force RBI to consider
a 0.25% rate cut in its forthcoming Feb’17 policy meeting.
With all focus on the ongoing economic & political disruptions as a
result of the demonetization fiasco, market may also keenly watch the
actual progress of remonetization & GST on the ground.
*Technically, NF has to sustain above 8225-8265* area for further
rebound towards 8300/8325*-8375 zone for the day (under bullish case
scenario).*
*On the other side, sustaining below 8195-8150* area, NF may further
fall toward 8125/8080*-8040 & 7980*-7900 zone for the day (under bear
case scenario).*
*Similarly, BNF (LTP: 18425) has to sustain over 18700* area for further
rebound towards 18775*-18850 & 18900-19100* zone for the day (under
bullish case scenario).*
*On the down side, sustaining below 18350* area, BNF may further fall
towards 18200*-18000 & 17900-17850* zone for the day (under bear case
scenario).*
**
**
--
Thanks & Regards,
Asis Ghosh
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