*Market Mantra: 23/03/2017 (08:30)*
*SGX-NF: 9075 (+28 points)*
*Vital support for NF: 9025/8995-8950*
*Vital resistance for NF: 9125-9165/9195*
*Vital support for BNF: 20700/20650-20450*
*Vital resistance for BNF: 21100-21250/21350*
As par early SGX indication, Nifty Fut (March) may open around 9075,
slightly in positive tone following mixed global/Asian cues ahead of
crucial voting today in US senate on repel of Obamacare & replacement
for a new Trumpcare. Global/US market may be also concerned on
continuing squabbling about Trump’s Russian connection and wire tapping
allegation, which may turn into a serious US political issue in the days
ahead undermining the rhetoric of Trumponomics.
Yesterday, USDJPY fall to multi-week low after sad attack on UK
Parliament in an apparent act of terrorist activities, in which 5
persons including the attacker and 40 other persons were injured (flow
to the safety of Yen in times of such geo-political/terrorist act). USD
later recovered as the matter has ended rather quickly and seemed that
it may not be a well organized terrorist attack done by someone like
ISIS; it may be an act by some disgruntled minds/jehadi elements.
With little domestic cues, all eyes may be on the US senate today and if
Trump wins there, expect some “risk on” mode for the global as well as
the Indian market today; otherwise Nifty may break the level of 8995
zone on concern of stretched valuation and earning woes of banking
sector (PSBS/some old private banks); also development of GST may be
keenly watched as Govt is still not 100% sure of its implementation from
July’17, with barely 3 months in hand; Govt need to take a bold decision
in this regard.
*Hints for actionable trading idea:*
*Time & Price action suggests that, Nifty Fut (March) has to sustain
over 9125 area for further rally towards 9165-9195 & 9235-9275 for the
day/ in the short term (under bullish case scenario).*
*On the other side, sustaining below 9105 area, NF may fall towards
9060-9025/8995 & 8950-8865 area for the day/ in the short term (under
bear case scenario).*
*Similarly, BNF has to sustain over 21100 area for further rally towards
21250-21350 & 21500-21650 area for the day/ in the near term (under
bullish case scenario).*
*On the other side, sustaining below 21050 area, BNF may fall towards
20950-20650 & 20450-20325/195 zone for the day/ in the near term (under
bear case scenario).*
<https://2.bp.blogspot.com/-g7UjnLI3aHM/WNNF2eq0msI/AAAAAAAALBA/701sUwvqo80BktxtIdeqLQ2XS5_yhodigCLcB/s1600/SGX-NF-23-03-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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