*Market Mantra: 18/05/2017 (08:30)*
*SGX-NF: 9475 (-60 points)*
*For the Day:*
*Key support for NF: 9445/9420-9395/9355*
*Key resistance for NF: 9515/9535-9580/9600*
*Key support for BNF: 22825-22720*
*Key resistance for BNF: 23000-23075*
As par early SGX indication, Nifty Fut-I may open around 9475, almost 60
points down following “Trump Tremor aftershock”; as a fall out of
intervention with FBI (Comey’s) investigation over the alleged Russian
link with his close aide (former NSA chief), it’s being seen as
“obstruction of justice” and an “impeachable offence” by Trump. Thus,
opposition DNC members are calling for Trump’s impeachment and it seems
that even his own RNC members are distancing from Trump directly or
indirectly for all such controversies. Yesterday, US speaker has
indicated that although US congress is supporting Trump in this hour of
crisis, it also want an impartial investigation of the whole matter and
US congress may push its own bill for tax reform, health care, infra
spending etc.
Looking forward, ex-FBI chief Comey’s testimony in the US congress &
further development of the impeachment motion by the DNC next week will
shape the US/Global market; for now politics is playing bigger role than
economics and all these US political chaos are making USD/US bond yields
lower in a flight to safety to US TSY bonds, Yen, Gold etc. The whole
idea of “Trumponomics” may be in serious doubt now.
In the morning, Japanese GDP data flashed upbeat/better than expected
(2.7% YOY; 0.5% QOQ); but a better JP economic data is good for JPY and
it may also help BOJ to taper its huge QQE gradually. Thus, a strong JPY
is making further pressure on the JP market (Nikkei-225).
Back to home, after opening in deep red, Indian market may take some
support from the 9445-9420 zone; otherwise expect more panic today.
Apart from deluge of earnings today, domestic market may also focus on
the GST meet today & tomorrow for a confirmation about implementation
date & various other rules & regulations. A July or even a Sep’17 roll
out may be proved as disruptive for the economy in the short term,
considering the under preparedness of the stake holders and concerns for
input tax credit transmissions.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9515-9535 area for further rally towards 9580/9600 & 9640-9680 in the
short term (under bullish case scenario).*
*On flip side, sustaining below 9500 area, NF may fall towards 9445-9420
& 9395-9355 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 23000 area for further rally towards
23075-23200 & 23325-23450 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22950 area, BNF may fall towards
22825-22720 & 22625-22450 area in the near term (under bear case scenario).*
<https://3.bp.blogspot.com/-fcAJ01ksjI8/WR0cd2I3X9I/AAAAAAAALvs/0msl5AwHTskOXsxYUwsxQxtDgGLSqzlFACLcB/s1600/SGX-NF-18-05-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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