*Market Mantra: 28/06/2017 (08:30)*
*SGX-NF: 9525 (+23 points)*
*For the Day:*
*Key support for NF: 9470/9440-9400/9340*
*Key resistance for NF: 9530/9560-9615/9675*
*Key support for BNF: 23000-22700/22450*
*Key resistance for BNF: 23350-23550*
*Time & Price action suggests that, NF/NS has to sustain over 9615 area
for further rally towards 9675-9700/9735 in the short term (under
bullish case scenario).*
*On the flip side, sustaining below 9600-9560 area, NF/NS may fall
towards 9470/9440-9400/9340 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 23350 area for further rally towards
23550-23750 & 23850-24000 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23300 area, BNF may fall towards
23000-22700 & 22450-22300 area in the near term (under bear case scenario).*
As par early SGX indication, Nifty Fut (June) may open around 9525 (?),
almost 23 points up following positive global cues. Overnight US market
(DJ-30) also closed in upbeat mood (+0.68%) after ECB clarified that
Draghi’s comments day before yesterday was misinterpreted by the market
as a signal of QT (QE bond tapering).
Also, US market sentiment was boosted by Banks after “good results” from
2^nd stage of Fed stress test and Fed permitted them for normal
dividends and buy backs. Tech/FAANG shares also supported the market
well in addition of Oil (energy related shares) after surprised gasoline
draw down & reduced US oil supply report, although that may be seasonal
in nature.
Back to home, Indian market may open in positive tone but ongoing
concern of GST & NPA blues may also drag the market later on despite
some optimism about 7-CPC arrears (HRA) sanctioned by the Govt.
<https://2.bp.blogspot.com/-EBA4KyZinJo/WVR8v5ekcOI/AAAAAAAAMM4/zrlYOJDyQxsRxU0hK9KzN2rbJMo3_CXHwCLcBGAs/s1600/NF-29-06-2017.png>
NF
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Thanks & Regards,
Asis Ghosh
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