*Market Mantra: 27/12/2016 (08:30)*
*Watch 7900-7840 & 7945-7985 Zone In Nifty Fut (Dec), Which May Open
Around 7920 Today*
*For BNF, 17600-17550 area is key support as of now.*
As par early SGX indication, Nifty Fut (Dec) may open around 7920
following flat global cues after upbeat China industrial profits data &
tepid Japanese CPI & unemployment data.
As a result of below expected Japanese economic data, USDJPY is gaining
some lost strength in a holiday thinned market and consequently Nikkei
is trading in positive territory.
But, bond market & currency turmoil (Yuan) has kept the China market in
a slight negative territory, despite upbeat industrial profits figure.
Oil is also gaining some strength as deadlines loom for implementation
of the OPEC & Non-OPEC cut from 1^st Jan’17 and market will keenly watch
the implementation aspect of the plan very cautiously as the past
records of such production cut plan did not work well even for the short
term.
Technically, Crude oil (LTP: 53.32) need to sustain above 55 for any
further rally towards 58-62 zone in the near term; otherwise it may come
down.
Back to home, a strong USD & Oil may be some of the external headwinds
for the Indian market apart from the ongoing economical & political
chaos as a result of demonetization. All eyes may be on the PM’s meeting
with his official economic advisors today for an assessment of the
domestic economy after demonetization disruptions.
Market may also keenly watch any comments from the FM/Govt regarding the
capital market tax reform and any other clues for further escalation of
the “war on black money” after 31^st Dec’16.
Among all these demonetization/remonetization/digitalization, talk of
capital market tax reforms, economic slowdown and narratives of
“surgical strikes on the unaccounted money/corruption” & ongoing
political battles, there are distinct lack of any meaningful positive
cues & progress of GST, which may have aided further dampened the market
sentiment. That’s why market may not be witnessing any meaningful buying
pressure despite significantly oversold.
*_Hints for actionable trading ideas:_*
*_
_*
*Technically, NF has to sustain over 7900 area today; otherwise it may
further fall towards 7870/7840*-7790 & 7750-7705* zone for the day
(under bearish case scenario).*
*On the other side, sustaining above 7945 area, NF may further rebound
towards 7985/8015*-8075 & 8110-8185* zone for the day (under bullish
case scenario).*
*Similarly, BNF (LTP: 17678) has to sustain above 17550 area today;
otherwise it may further fall towards 17450-17350* & 17200*-16900 zone
for the day (under bearish case scenario).*
*On the other side, sustaining above 17850 area, BNF may further rebound
towards 18000*-18250 & 18350-18500* zone for the day (under bullish case
scenario).*
<https://4.bp.blogspot.com/-5MMKv6URKVU/WGHmZEhU4EI/AAAAAAAAJ90/9YBaOOqEfVoj0amhpMYL_XiXdiiMYD3sgCLcB/s1600/SGX-NF-27-12-2016.png>
SGX-NF
<https://1.bp.blogspot.com/-BqfesOmrpEE/WGHmeImGrAI/AAAAAAAAJ94/rgnWHjLYoyMHaaZmohXiBFYgS649FDcJACLcB/s1600/BNF-PATTERN-26-12-2016.png>
BNF *
*
--
Thanks & Regards,
Asis Ghosh
--
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