*Market Mantra: 22/05/2017 (08:30)*
*SGX-NF: 9480 (+24 points)*
*For the Day:*
*Key support for NF: 9435-9395/9375*
*Key resistance for NF: 9535-9560/9600*
*Key support for BNF: 22725-22590*
*Key resistance for BNF: 22900-23000*
As par early SGX indication, Nifty Fut-I may open around 9480, gap up by
24 points following mixed global cues and GST & earnings optimism.
Overnight, US market closed in positive (+0.69%) primarily on the
strength in oil (energy related shares) & defence sectors (big deal with
Saudi Arabia during Trump’s visit). Oil is trading higher around $51
after OPEC indication of not only production cut extension till
March’18, but also for some deeper production cut. But, supply glut and
talk of 6 months cut against present buzz of 9 months may also limit any
blockbuster rally from here. For India, higher oil above $55-60 may pose
serious concerns for overall economy (macro headwinds).
But, US political concern may take more serious turn in the days ahead
after Comey confirmed about his testimony with the US congress and there
was some reports that some more WH officials (close aide of Trump) may
be involved with the alleged Russian interference. All these may invite
an impeachment motion against Trump and as par some reports, US
constitutional experts are exploring various probabilities & working
hard for such unprecedented action in the recent US history. As Trump is
now on a 9 day tour in the ME & EU, US political drama may take ugly
turn after his return next week.
Meanwhile, NK tested another long range ballistic missile early today;
but as Trump is pre-occupied with his internal politics and blamed of
being a “Russian Spy”, he may not be in a position to attack NK in the
days ahead; thus market is calm so far.
Back to home, Indian market may also give more focus on the GST as 1^st
July roll out day is now a reality as par the Govt/various stake
holders. But, with many tax slabs, especially in the service sector and
with so much rules & regulations, the present GST structure may be far
from the original concept of “one tax one nation” and may be much more
complex, than being a simple GST regime. Market may take more time to
digest this GST.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9535-9560 area for further rally towards 9600-9640 & 9680-9770 in the
short term (under bullish case scenario).*
*On flip side, sustaining below 9515 area, NF may fall towards
9435-9395/9375 & 9320-9280/9240 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 22950-22900 area, BNF may fall
towards 22725-22590 & 22450-22300 area in the near term (under bear case
scenario).*
<https://2.bp.blogspot.com/-VZ0KmoFgapQ/WSJj-aksKlI/AAAAAAAALyM/beuh2nRXRns5FL7MLXQJsTyyyw8z0qfdACLcB/s1600/SGX-NF-22-05-2017.png>
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Thanks & Regards,
Asis Ghosh
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