*Market Mantra: 17/04/2017 (08:45)*
*SGX-NF: 9150 (-30 points)*
*Key support for NF: 9115-9085*
*Key resistance for NF: 9200-9235*
*Key support for BNF: 21640-21500*
*Key resistance for BNF: 21775-21875*
As par early SGX indication, Nifty Fut (Apr) may open around 9150, gap
down following tepid global cues amid lingering geopolitical tensions.
On last Friday, US bombed to ISIS in Afghanistan with a MOAB (mother of
all bombs) in an apparent warning to NK, which on the other hand,
attempted a failed missile launch yesterday. Although, being a nuclear
power, NK may be immune to sudden “surgical strike” from US, there may
be still concern about a serious conflict in the event of a attack by US
or a nuke test again by NK. China & Japan is trying their best to pacify
the situation between US & NK, which is so far engaged in a serious “war
of words” only.
Apart from geopolitical concerns, US economic data (Core CPI, retail
sales) also flashed below expectations on Friday and the overall mixed
set of economic data, which indicates that despite record consumer
sentiment, consumer spending is tepid and thus, Fed may not hike rate in
June. Also, a growing geopolitical tension involving US & NK/Syria may
prevent Fed for further multiple rate hikes in 2017. Thus, USD is being
sold across the board and flight to safety towards Yen & USTSY bonds;
risk trade is off.
Back to home, after tepid result & guidance from Infy, market will look
further results from IIB, Yes Bk this week also to the WPI to be
released today. Some PSBS may be under pressure today after RBI tweaks
norms for NPA criteria for risk assessments for the banks.
*Hints for actionable trading idea: Nifty & Bank Nifty Fut*
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9200 area for further rally towards 9235-9275 & 9305-9335 for the day/in
the short term (under bullish case scenario).*
*On the other side, sustaining below 9180 area, NF may fall towards
9115-9085 & 9040-8985 area for the day/ 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
21640-21500 & 21340-21150 area in the near term (under bear case scenario).*
*<https://1.bp.blogspot.com/-VHhgUS9VYFs/WPQ6Y9dDKII/AAAAAAAALWg/xaJtMEQ64BIl-SUfgz-M4UrHeOVTHNfXQCLcB/s1600/SGX-NF-17-04-2017.png>*
INFY
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Thanks & Regards,
Asis Ghosh
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