*Bharti Airtel: Watch 335-325 & 365-385 Zone After Mixed Q4FY17 Report
Card (Better Than Expected PAT/EBITDA/EBITDA Margin; But Lower ARPU)*
*Market Mantra: 10/05/2017 (08:30)*
*SGX-NF: 9360 (+9 points)*
*For the Day:*
*Key support for NF: 9320/9305-9295/9265*
*Key resistance for NF: 9385/9400-9425/9475*
*Key support for BNF: 22625-22590/500*
*Key resistance for BNF: 22875-22950*
As par early SGX indication, Nifty Fut-I may open around 9360, almost
flat following mixed global cues. Overnight US market closed in slight
negative (-0.17%), but off the highs after NK announced that they are
determined for the 6^th Nuke test. Although US is trying to persuade the
country, it’s enough for the sudden “risk off” mood and USDJPY nosedived
from the vital resistance zone of 114.50 ( next hurdle is 115.50 area).
Also, sudden termination of FBI director by Trump for the Clinton e-mail
fiasco and most probably also for the ongoing investigation of Russian
link with Trump/election period may cause the global market sentiment
under some pressure as such administrative/political squabbling in the
WH may also have an adverse effect on the pro-growth (Trumponomics)
agenda of US Govt.
In the morning, BOJ Kuroda also sounded somewhat hawkish in its comments
about overall Japanese economy and subsequently USDJPY slumped despite
continuous hawkish scrips by various Fed members and upbeat Jolt jobs
data yesterday (FFR is now indicating almost 100% probability of a June
rate hike !!).
But, upbeat Chinese CPI & PPI data may be helping the China/HIS & Asian
market sentiment to some extent; although lower CPI & PPI data may be
positive for China, it may be negative for the DM/global reflation trade
as China is supposed to spread its inflation to the growth/inflation
hungry US/EU zone.
Back to home, apart from mixed Q4 earnings, Indian market may also take
some support from IMD’s comments yesterday that monsoon may be above
normal this year as threat of El-Nino is receding quite significantly
(?). As par some market buzz, GST may be delayed to Sep’17 or beyond
that because of under preparedness, which may be sentimentally negative
for the market, if true.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9425 area for further rally towards 9475-9510 & 9550-9600 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9405-9385 area, NF may fall towards
9320/9305-9295/9265 & 9215-9170 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 22875 area for further rally towards
22950-23075 & 23200-23475 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22825 area, BNF may fall towards
22625/590-22500 & 22400-22225 area in the near term (under bear case
scenario).*
<https://2.bp.blogspot.com/-tLznJQ68JB4/WRKP2V-MAKI/AAAAAAAALpI/oY_tGPYO7F8CzCq3qlQKQYXAXD8lgmMCACLcB/s1600/SGX-NF-10-05-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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