*Market Mantra: 23/05/2017 (08:30)*
*SGX-NF: 9480 (+25 points)*
*For the Day:*
*Key support for NF: 9420-9395/9375*
*Key resistance for NF: 9500-9535/9600*
*Key support for BNF: 22590-22450*
*Key resistance for BNF: 22800-22900/23000*
As par early SGX indication, Nifty Fut-I may open around 9480, up by 25
points following positive/mixed global cues. Overnight US market closed
in positive (+0.43%) following Trump’s “successful” overseas tour, which
saw billions of dollars in defence contract procurement for the various
US companies with Saudi Arabia (Trump really means business !!). Apart
from defence & industrials, US market was also supported by energy
shares amid growing optimism about the OPEC production cut extension for
another 9 months with some deeper production cuts (?).
But global market risk-on sentiment suffered some set back after a
horror terrorist attack in the London-Manchester concert later in the
day. As a result, USDJPY & risk-trade was subdued in the morning Asian
session. Strength in Yen is causing some pressure on the Japanese
market; but optimism of China’s A-500 index inclusion probability in the
MSCI index may be supporting the China market sentiment right now.
Among all these global events, Indian market may open in green on GST &
NPA policy optimism and mixed earnings trend so far. Market may focus
more on the fine prints of NPA ordinance/latest RBI directives and
effect of GST on the economy & industry/business. As par some
analysts/rating agency, working capital cycle of Indian Inc/business may
be affected for the first few months as a result of GST
disruption/procedural issues.
*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 9515-9470 area, NF may fall towards
9420-9395/9375 & 9320-9280/9240 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 22900 area for further rally towards
23000/23075-23200 & 23325-23450 area in the near term (under bullish
case scenario).*
*On the flip side, sustaining below 22850-22750 area, BNF may fall
towards 22650-22590 & 22450-22300 area in the near term (under bear case
scenario).*
*<https://4.bp.blogspot.com/-1-P62rJ2JLQ/WSO1Rcw16EI/AAAAAAAALzE/2KJ0cvasHsM5wOQVXrNktnbhFpr7PC6ZwCLcB/s1600/SGX-NF-23-05-2017.png>*
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Thanks & Regards,
Asis Ghosh
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