*Idea (LTP: 92): Sustaining above 93-95 zone; may again rally towards
103-111 &120 area; watch 87-84 & 81 as nearest positional support after
better than expected Q4FY17 result; although suffered deep loss courtesy
R-Jio.*
*Market Mantra: 15/05/2017 (08:30)*
*SGX-NF: 9450 (+35 points)*
*For the Day:*
*Key support for NF: 9415/9380-9340*
*Key resistance for NF: 9485-9515/9550*
*Key support for BNF: 22600-22500*
*Key resistance for BNF: 22775-22875*
As par early SGX indication, Nifty Fut-I may open around 9450, almost 35
points gap up following lower CPI/WPI and prospect of a better & early
monsoon (3-5 days in advance). But, tepid IIP data, NPA divergence issue
& overall mixed Q4FY17 earnings so far may also limit any block buster
rally of the domestic market today.
Overnight US market also closed in almost flat, but off the lows after
terrible inflation (core CPI) & core retail sales data; but supported by
upbeat oil amid chatter of OPEC production cut extension for another 6-9
months (till CY-17). Overall, despite soft US economic data, it seems
that Fed is determined to hike rate in June’17 and that’s coupled with
divergent monetary policy of other G3 central banks (BOJ/ECB) is helping
the USD & risk on trade to some extent. But, some hawkish comment about
ECB QE is now also helping the EUR.
In the weekend, NK again tested a long range ballistic missile, which is
being suspected as a type of ICBM, capable of hitting the US coast.
Although the market is calm so far, we need to watch Trump’s reaction
later in the day for any sudden “surgical strike” on NK by US in the
coming days.
The ongoing cyber attack & its implications all over the globe & also on
India may also need to be watched for any serious disruptions or not.
Back to home, there will be earnings deluge this week with some
prominent blue chips and market will also watch it keenly along with any
definitive NPA resolution policy by RBI and further progress & clarity
on GST. Market is expecting a CAGR of 20-25% for Nifty EPS for FY-18
against previous trend of around 7% CAGR in the last few years.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9485 area for further rally towards 9515-9550 & 9600-9680 in the short
term (under bullish case scenario).*
*On flip side, sustaining below 9465-9425 area, NF may fall towards
9415/9380-9340 & 9295-9245 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 22775 area for further rally towards
22875-23000* & 23075-23200 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22725-22600 area, BNF may fall
towards 22500-22300 & 22050-21950 area in the near term (under bear case
scenario).*
<https://3.bp.blogspot.com/-L4X0kUbq2ow/WRklbJrs7KI/AAAAAAAALso/EBZNZ3uI5qQ8iFCnLeldmJKdrFj3tf_GQCLcB/s1600/SGX-NF-15-05-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
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