*Market Mantra: 21/06/2017 (08:30)*
*SGX-NF: 9635 (-41 points)*
*For the Day:*
*Key support for NF: 9615-9580/9530*
*Key resistance for NF: 9675/9725-9775*
*Key support for BNF: 23650-23450/23300*
*Key resistance for BNF: 23875-24000*
*Time & Price action suggests that, NF has to sustain over 9725 area for
further rally towards 9775-9825 & 9865-9950/10050 in the short term
(under bullish case scenario).*
*On flip side, sustaining below 9705-9675 area, NF may fall towards
9655/9615-9580 & 9530/9505-9470 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 23875 area for further rally towards
24000-24115 & 24250-24435 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23825-23750 area, BNF may fall
towards 23650-23450 & 23300-23100 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (June) may open around 9635,
almost 42 points down tracking subdued global cues. Overnight, US
market/DJ-30 also closed lower (-0.29%) amid selling in energy & retail
shares following plunge in oil for ongoing concern of supply glut and
concern for Amazon’s aggressive marketing & inorganic growth strategy
(deflation).
After nearly three years of squabbling, MSCI today announced to include
China-A shares into its EM index; as par reports, initial inflow may be
around $18 bln; but if China can reform its stock market as par global
standard, net inflow may be around $350-400 bln over next few years; it
may take as high as 5-10 years for full inclusion of China-A shares into
MSCI EM index (0.73% weightage).
As a result of China’s inclusion in MSCI index, all the concerned EM may
see some rebalancing of funds and India may also see some outflow; total
FPIS investment in India now may be around $350 bln including bond
market, which is equivalent to the country’s FX reserve of around $375 bln.
Indian market may also focus on IBC/NPA resolution effectiveness and
issues of GST disruptions amid poor IT infrastructure and preparedness
among the stakeholders. The present format of GST may be termed as a
modified version of VAT (old wine in new bottle) and may not be the
ideal & simple concept of “one tax one nation”, originally designed.
<https://4.bp.blogspot.com/-WnQ3E1XLv_4/WUnvNRRkqKI/AAAAAAAAMH8/E5YmngfyrxAyEW-4HJY7jnn6CUZCtq33ACLcBGAs/s1600/SGX-NF-21-06-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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