*Market Mantra: 16/06/2017 (08:30)*
*SGX-NF: 9605 (+6 points)*
*For the Day:*
*Key support for NF: 9580-9530/9505*
*Key resistance for NF: 9635-9675*
*Key support for BNF: 23200-23000*
*Key resistance for BNF: 23500-23650*
*Hints for actionable trading ideas:*
*Time & Price action suggests that, NF has to sustain over 9675 area for
further rally towards 9715-9770 & 9825-9865 in the short term (under
bullish case scenario).*
*On flip side, sustaining below 9655-9635 area, NF may fall towards
9580-9530/9505 & 9470-9405 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 23650 area for further rally towards
23750-23875 & 24000-24100 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23600-23500 area, BNF may fall
towards 23200-23000 & 22900-22700 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (June) may open around 9605,
almost flat tracking mixed global cues. Overnight US market also closed
subdued amid another heavy selling in tech shares after some analysts
further downgraded the sector citing stretched valuation and pessimistic
outlook. Also, a hawkish Fed, taper tantrum may be indicating that era
of easy money & lower interest rate may be over and thus all the risk
assets (EQ) may be in pressure.
Also, another report that Trump’s son-in-law may be under investigation
of Muller (US special counsel) for the suspected Russian link. Thus,
ongoing US political jitters may be affecting the US/global market
sentiment despite some upbeat/mixed US economic data yesterday and
Trump’s optimism about a “super US GDP” for Q2, which will be released
on 29^th June (??).
Overall, it seems that Yellen may be well behind the curve, considering
the US monetary stance for the last few years; Fed should have shown the
present unusual hawkishness 2 years ago, when they were unusually dovish.
Meanwhile, BOJ just now flashed its monetary policy as unchanged in the
expected line; all focus may be now on Kuroda’s presser; USDJPY is
gaining strength from yesterday following Yellen’s surprised hawkish
stance despite soft US economic data.
Back to home, Indian market may focus on GST disruptions and ongoing
effort for a NPA resolution, which may be so far, remains elusive. Tepid
trade deficit data released yesterday may be also in focus.
<https://2.bp.blogspot.com/-D6nBb485RTA/WUNdaOnQGtI/AAAAAAAAMEs/imf0tP_bbuM6Dk_oTIEH65YX2k4uuh4AQCLcBGAs/s1600/SGX-NF-16-06-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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