*Market Mantra: 27/06/2017 (08:30)*
*SGX-NF: 9615 (+25 points)*
*For the Day:*
*Key support for NF: 9560/9530-9495/9450*
*Key resistance for NF: 9660-9705/9725*
*Key support for BNF: 23500-23400/23300*
*Key resistance for BNF: 23825-23900/24000*
*Time & Price action suggests that, NF has to sustain over 9680 area for
further rally towards 9705/9725-9775 & 9825-9865 in the short term
(under bullish case scenario).*
*On flip side, sustaining below 9660 area, NF may fall towards
9580/9560-9530 & 9495-9450 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 23825 area for further rally towards
23900-24000 & 24115-24250 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23775-23600 area, BNF may fall
towards 23500-23400 & 23300-23200 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (June) may open around 9615,
almost 25 points up tracking mixed global cues. Overnight/weekend US
market (DJ-30) was mixed amid some rebound in oil (talk of an impending
geo-political tensions in GCC/Qatar/Saudi/Iran & Syria issues), banks
(Italian bail out for two regional failed banks & prospect of higher NIM
for US banks and hopes of some relief in Dodd Franck rules); tech shares
were under pressure yesterday after brief rally on Friday following
renewed concern of Trump’s visa rule.
Back to home, Indian market may be under stress on concern of GST
disruptions and an unexpected RBI directive on weekend to Banks for
requirement of higher provisions for the IBC NPA cases and ongoing farm
loan waiver; this time from MH for Rs.34000 cr (approx).
<https://1.bp.blogspot.com/-kx1OZV1Sjas/WVHbuac6bHI/AAAAAAAAMLE/nZwujWhAwoYey6aIe-faSEywXJMx1jm1ACLcBGAs/s1600/NF-23-06-2017.png>
NF
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Thanks & Regards,
Asis Ghosh
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