*Tata Motors & Voltas may rally today after better than expected Q4FY17
report card*
*Market Mantra: 24/05/2017 (08:30)*
*SGX-NF: 9410 (+22 points)*
*For the Day:*
*Key support for NF: 9395-9360/9330 & 9280/9240*
*Key resistance for NF: 9455/9475-9515/9535*
*Key support for BNF: 22450-22300*
*Key resistance for BNF: 22675-22775*
As par early SGX Indication, Nifty Fut-I may open around 9410, gap up by
22 points following mixed global cues. Overnight US market closed in
slight positive (+0.22%) supported by optimism over Trump’s overseas
tours & various business deals and strength in oil ahead of OPEC
meeting. Although, US economic data was subdued yesterday, USD got some
strength ahead of FOMC minutes later today and June rate hike expectations.
In the morning, Moody’s downgrade China’s sovereign debt rating to A1
from Aa3; Outlook revised to Stable from Negative, which has put some
pressure on the CNY & Chinese/Asia-Pacific market; metals may be under
pressure today.
Back To home, as we all know, after yesterday’s official announcement of
the mini surgical strike on PAK LOC by Indian army, domestic market &
INR dragged to some extent. Although, this new surgical attack may be
very small & limited, market may be cautious for high probabilities of
such frequent surgical strike in the future also as strategy of the
Indian Govt under strong political leadership of NAMO may have changed
to “attack is the best defence” rather than defending itself for decades.
*Hints for actionable trading ideas for NF & BNF:*
*Time & Price action suggests that, Nifty Fut (May) has to sustain over
9475 area for further rally towards 9515/9535-9575/9600 & 9680-9770 in
the short term (under bullish case scenario).*
*On flip side, sustaining below 9450-9395 area, NF may fall towards
9360/9330-9280 & 9240-9205 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 22675 area for further rally towards
22450-22300 & 22050-21800 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22625 area, BNF may fall towards
22650-22590 & 22450-22300 area in the near term (under bear case scenario).*
<https://2.bp.blogspot.com/-aaLFBRVHJAs/WSUGa7v0XKI/AAAAAAAAL0Y/4WsvLAIQaHsnRyYvW-bfDePaQsh1VTxvwCLcB/s1600/SGX-NF-24-05-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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