*Market Mantra: 24/04/2017 (08:30)*
*SGX-NF: 9130 (+30 points)*
*For the Day:*
*Key support for NF: 9115-9085/50*
*Key resistance for NF: 9200-9255*
*Key support for BNF: 21450-21300*
*Key resistance for BNF: 21675-21775*
As par early SGX indication, Nifty Fut (Apr) may open around 9130,
almost flat despite upbeat global cues after win of centrist candidate
(Macron) over extreme rightist candidate (Li Pen) by 2% vote in the 1^st
round of French election as expected. Moreover, opinion poll suggests
that Macron is going to win by around 20% margin (60% vs 40%) in the
2^nd & final round of the French election to be held on 7^th May.
Although, Macron is a brand new politician & a former investment banker,
the market is in “risk on” mode by the probability of his convincing win
in the final round of the French election as a great element of
political risk/uncertainty may have been removed as Li Pen is being seen
as a “Frexit” candidate. Although, political risk may be on the downside
now, it may be a bit early for such conviction and development of this
French election/politics may be also closely watched in the coming days.
So, this “risk on” rally may be also proved as a 24-48 hrs play.
Although, almost all the global market is upbeat, China is trading more
than 1.60% down may be because of regulatory clampdown on shadow
banking, WM products and Govt effort on deleveraging of the Chinese economy.
Back to home, all eyes may be on the RIL’s report card today after mixed
set of earnings for Q4FY17 so far except some upbeat results from HDFC Bank.
Hints for actionable trading ideas for NF & BNF:
*Time & Price action suggests that, Nifty Fut (Apr) has to sustain over
9145 area for further rally towards 9200-9255 & 9310-9375 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9115 area, NF may fall towards
9085/60-9025 & 8970-8845 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 21775 area for further rally towards
21875-21975 & 22050-22150 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 21725-675 area, BNF may fall towards
21575-21450 & 21300-21150 area in the near term (under bear case scenario).*
<https://1.bp.blogspot.com/-a6sxL4j5da0/WP13Vklj0HI/AAAAAAAALcY/A9z3BC7E8b0RXfh6ArFHngB-3H4Ghj36gCLcB/s1600/NF-24-04-2017-MORNING.png>
NF
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Thanks & Regards,
Asis Ghosh
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