*Market Mantra: 25/05/2017 (08:30)*
*SGX-NF: 9405 (+30 points)*
*For the Day:*
*Key support for NF: 9360/9330-9280*
*Key resistance for NF: 9455-9515*
*Key support for BNF: 22450-22300*
\
*Key resistance for BNF: 22675-22800*
As par early SGX indication, Nifty Fut-I may open around 9405, almost 30
points up following positive/mixed global cues. Overnight, US market
closed in positive (+0.36%) as investors cheers (??) gradual tapering of
Fed’s balance sheet (QE bonds) and rate hikes depending on incoming US
economic data. Overall, FOMC minutes may be termed as quite dovish and
June rate hike probability may be also in doubt (although FFR now
indicating 80% rate hike probability, up from 75% before FOMC minutes).
As a result, USD/US bond yields doomed; but SPX-500 is showing
divergence (risk-on mode); may be because of short covering ahead of
testimony by Comey for Trump’s alleged Russian connection issue.
Back to home, oil being one of the vital factors for the Indian economy,
all eyes may be on the OPEC-NOPEC meeting later in the day. A 9 month
extension is already discounted by the market to a large extent; so even
if it will be a 9 month extension, one may expect oil to hover around
50-55$ range in the coming days, which may put some pressure on the
Indian macro economy. A 6 month extension may result is heavy selling
for oil (positive for India).
Indian market will also digest the news of scrapping of FIPB to
respective ministries, which may result in quicker FDI flows (?) along
with ongoing Ind-Pak LOC tensions.
*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 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
22800-22900 & 23000-23075 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 22625 area, BNF may fall towards
22450-22300 & 21950-21800 area in the near term (under bear case scenario).*
<https://4.bp.blogspot.com/-Vrr2VhyjhIw/WSZaA0-I1WI/AAAAAAAAL1g/46obdR9FhTQJiTgFu5WjEvzk8SSGcbdBwCLcB/s1600/NF-24-05-2017.png>
NF
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Thanks & Regards,
Asis Ghosh
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