*Market Mantra: 12/04/2017 (08:30)*
*SGX-NF: 9140 (-27 points)*
*Key support for NF: 9215-9175*
*Key resistance for NF: 9275-9315*
*Key support for BNF: 21775-21650*
*Key resistance for BNF: 21875-21975*
As par early SGX indication, Nifty Fut (Apr) may open around 9140,
slightly in red following tepid global cues after renewed geopolitical
concerns regarding US, NK, Syria, Russia and even China & Japan. US Prez
Trump is basically pressurizing China & Russia to take action against NK
& Syria to bring them on line; otherwise US may take of its own action.
Market may be also concerned that in the event of any real attack on NK
by US, the former may also use some of its Nuke capable missile to Japan
as the same is within their range.
Thus, there is flow of smart money towards safety of Yen, Gold, USTSY
bonds and USD/EQ is being doomed. But, yesterday US EQ market almost
recovered from the day low after renewed hope about the health care
bill, now Trump is apparently being able to unite all the warring RNC &
DNC members on the back of his “surgical strike on Syria”, warning
against Russia & indication of any suitable action against NK; Trump is
now in better political position in comparison to few weeks ago.
Oil was strong amid chatters of OPEC led production cut extension for
another 6 months after June’17 and surprised US inventory drawdown
report yesterday and geopolitical tensions in Syria.
In the morning, Chinese CPI data came slightly below expectations; but
more or less on the line; China also trading slightly higher after
recent slump amid PBOC tightening and glut of iron ore.
Back to home, after yesterday’s Govt proposal to set up a NPA panel &
commitments no let up in recapitalization for the PSBS as par real
requirement even after Indradhanush, market may keenly watch the Q4FY17
earnings season, which will officially start with Infy tomorrow.
Yesterday, Rel Defence Q4 result although was a loss at a glance, it may
be better than expected at EBITDA level because there was an exceptional
item of “tax write back”.
All eyes may be on the CPI for March today (estimate 3.98%; prior:
3.65%) and IIP for Feb (estimate 1.3%; prior: 2.7%).
*Hints for actionable trading idea: Nifty & Bank Nifty Fut*
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9315/9330 area for further rally towards 9375-9425 & 9465-9505 in the
short term (under bullish case scenario).*
*On the other side, sustaining below 9295/9275 area, NF may fall towards
9215-9175 & 9115-9040 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 21825 area for further rally towards
21875-21975 & 22050-22150 area in the near term (under bullish case
scenario).*
*On the other side, sustaining below 21775 area, BNF may fall towards
21650-21550 & 21450-21340 area in the near term (under bear case scenario).*
<https://3.bp.blogspot.com/-J3J_2V8_RkY/WO2ivRgvFlI/AAAAAAAALTI/OzSFxhTaEEQKuQVFlqUynu4yk-bMlMmZACLcB/s1600/SGX-NF-12-04-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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