*Market Mantra: 10/03/2017 (08:30)*
*Watch 8995-8900 & 9035-9125 Zone In Nifty Fut (March), Which May Open
Around 8970 Today*
As par early SGX indication, Nifty Fut (March) may open around 8970 (+14
points) following tepid global cues ahead of US NFP later in the day
today and a probable landslide win for BJP in nearly all the states
including UP, but except Punjab as expected.
Overnight, US market closed almost flat after recovering from some loses
due to confusion about restoration about a banking rule, which called
for separation of investment banking with regular banking operations in
US. Also, as par some reports, Trump may not be able to present &
implement his “massive tax cut” plan before 2018; but there was also a
market buzz that he is able to implement his $1 tln infra spending plan
over ten years in 2017 itself against earlier market perception of 2018
or later. All these has made the US market to close almost flat yesterday.
All eyes will be on the US NFP job data (Feb) today; consensus : 200k;
(prior: 227k); unemployment rate: 4.7% (consensus: 4.8%); wage growth
(hourly/mom): 0.3% (prior: 0.1%); apart from the headline numbers & its
revisions, market may keenly watch the wage growth figure, which may
eventually be the deciding factor for Fed for a rate hike in March or not.
Apart from actual poll results tomorrow, domestic market may also watch
the US NFP data and Indian IIP today.
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (March @8900) has to
sustain over 9035 area for further rally towards 9075-9125 & 9195-9275
for the day/ in the short term (under bullish case scenario).*
*On the other side, sustaining below 9020-8995 zone, NF may fall towards
8945-8900 & 8865-8795 area for the day/ in the near term (under bear
case scenario).*
*Similarly, BNF (LTP: 20795) has to sustain over 20950 area for further
rally towards 21050-21150 & 21350-21500 area for the day/in the near
term (under bullish case scenario).*
*On the other side, sustaining below 20900 area, BNF may fall towards
20750-20600 & 20490-20250 zone for the day/ in the near term (under bear
case scenario).*
<https://1.bp.blogspot.com/-ydgBtmiVAkg/WMIi-xs5lmI/AAAAAAAAK04/_cIzQzNX_OQP6iWYI5UtbLGghWq5OV4gQCLcB/s1600/SGX-NF-10-03-2017.png>
Crude Oil outlook:
https://asisghosh.blogspot.in/2017/03/crude-oil-51-53-zone-may-be-big-hurdle.html
--
Thanks & Regards,
Asis Ghosh
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