*Market Mantra: 06/01/2017 (08:30)*
*Watch 8290-8240 & 8335-8375 Zone In Nifty Fut (Jan), Which May Open
Around 8310 Today*
*Reports of plea of some “fresh evidence” in the SC for the Sahara/Birla
case involving NAMO & demonetization related political disruption may
drag the domestic market sentiment later on. *
As par early SGX indication, Nifty Fut (Jan) may open around 8310 (+22
points) following flat global/Asian cues; but supported by some weakness
in the USD following overnight mixed US economic data.
Basically, market is bracing for an weaker US NFP job data later in the
day after yesterday’s tepid ADP, Challenger & employment portion of the
Non-Mfg ISM data; although ISM Non-Mfg PMI came good at 57.2 against
estimate of 56.6 (Prior: 57.2).
Although various recent US economic reports & monthly auto sales figure
are quite upbeat, USD has already rallied after “Trumpism” and any
slight weakness in incoming US economic data may be proving as another
reason for long unwinding/fresh short at record high USD level.
In that sense, today’s US NFP job data may be very important for short
term direction of USD/US bond yields (estimate: 178k against prior 178k;
Avg hourly earnings: +0.3% against prior -0.1%; unemployment rate: 4.7%
against prior 4.6%). Market will keenly watch the growth in average
hourly earnings, which may be vital for much awaited wage inflation in US.
Back to home, all eyes may be on the EC for any change in budget
preparation date and also on the demonetization led political
war/disruptions, apart from the start of result season from next week.
*Hints for actionable trading ideas at index level:*
*Technically, NF has to sustain over 8335 zone for further rally towards
8375-8410* & 8485*-8545 area for the day (under bullish case scenario).*
*On the other side, sustaining below 8290 zone, NF may further fall
towards 8240*-8175 & 8125*-8040 area for the day (under bear case
scenario).*
*Similarly, BNF (LTP: 18144) has to sustain over 18250 area for any
further rally towards 18400*-18575 & 18650*-18800 zone for the day
(under bullish case scenario).*
*On the other side, sustaining below 18200 zone, BNF may further fall
towards 18000*-17900 & 17800*-17600 area for the day (under bear case
scenario).*
*Some reports that RBI may not be obliged to cut rate in Feb may hurt
the sentiment for the banks & the rate sensitive sectors.*
<https://4.bp.blogspot.com/--0YZoQYz5bc/WG8TyqFyusI/AAAAAAAAKEY/Mr-MlP847FMtUc4qH4Xhpn3SgKOa3NgKACLcB/s1600/SGX-NF-06-01-2017.png>
SGX-NF
<https://3.bp.blogspot.com/-lm01OueCRFo/WG8T0S07DQI/AAAAAAAAKEc/8tTePCIs5hYq6hBSVW_guxs5gWPc2-W-QCLcB/s1600/BNF-05-01-2017.png>
BNF *
*
--
Thanks & Regards,
Asis Ghosh
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