Market Mantra: 17/07/2017 (09:00)
SGX-NF: 9935 (+35 points)
For the Day:
*Key support for NF: 9925-9880/9855*
*Key resistance for NF: 9985-10005*
*Key support for BNF: 23950-23750*
*Key resistance for BNF: 24000-24115*
*Time & Price action suggests that, NF has to sustain over 10005 area
for further rally towards 10050-10115 & 10195-10250 in the short term
(under bullish case scenario).*
*On the flip side, sustaining below 9985-9955 area, NF may fall towards
9880/9855-9790 & 9715-9670 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 24000 area for further rally towards
24115-24250 & 24250-24450 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 23950 area, BNF may fall towards
23750-23600 & 23500-23300 area in the near term (under bear case scenario).*
As par early SGX indication, Nifty Fut (July) may open around 9935,
almost 35 points gap-up, tracking mixed global/Asian cues after China
strengthen its Yuan band against USD and a blockbuster China GDP data
this morning, which came as 6.9% for Q2CY17 against estimate of 6.8%
(prior: 6.9%). Also, China IIP & Retail sales came upbeat; although
Chinese official economic data always lacks some credibility,
nevertheless, today’s data may be indicating steady & improving momentum
of the economy.
But, PBOC today also strengthen the Yuan band from 6.78 to 6.75
following tepid US economic data on Friday (CPI & Retail sales) and also
after today’s upbeat China economic data, PBOC may maintain its prudent
neutral monetary policy to deleverage the China economy in the
foreseeable future. Thus, China market (SSE) may be under some pressure
today and that may be dragging the Asian market sentiment to some
extent; Japan is closed today.
Overnight US market (DJ-30) was closed at another record breaking levels
(+0.39%) celebrating a dovish Fed after subdued US economic data, which
may force Yellen to stay on the side line till Dec’17; but Fed may start
its QE tapering from Sep’17. On Friday, mixed results from the banks &
poor NIM & guidance dragged the US market to some extent.
Back to home, although Indian market is at striking distance to conquer
the 10k Nifty Mt’ Everest on the back of positive global cues, hopes of
an Aug cut by RBI, forced short covering by P-notes FNO, good monsoon,
incremental reforms by the Govt, ultimately earnings need to catch up
with the stretched valuations, which is being elusive for the last few
years despite various green shoots narratives.
<https://1.bp.blogspot.com/-5OQi1cv3YNM/WWw5-P2I7ZI/AAAAAAAAMYs/NaNQuCyQ5q4xdZqpBucc5C1UA_QOV7fJQCLcBGAs/s1600/SGX-NF-17-07-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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