Market Mantra: 18/07/2017 (09:00)
SGX-NF: 9910 (-24 points)
For the Day:
*Key support for NF: 9890/9870-9760*
*Key resistance for NF: 9985-10005*
*Key support for BNF: 23900-23700*
*Key resistance for BNF: 24125-24250*
*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
9890/9870-9790/9760 & 9715-9670 area in the short term (under bear case
scenario).*
*Similarly, BNF has to sustain over 24125 area for further rally towards
24250-24350 & 24450-24600 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 24075 area, BNF may fall towards
23900-23700 & 23600-23450 area in the near term (under bear case scenario).*
As par early SGX-indication, Nifty Fut (July) may open around 9910,
almost 24 points gap down tracking subdued global cues after US
healthcare bill got further delayed and EUR got strength ahead of ECB
meet day after tomorrow.
Overnight, US market (DJ-30) also closed almost flat (-0.04%) on mixed
earnings and lack of any meaningful cues; but some gains in utilities &
consumer stocks were substituted by declined in healthcare.
Indian market sentiment may be also affected today by Govt’s flip flops
on effective GST rate on Cigarettes. Although, the previous optimism
over favourable GST rate or the present pessimism about extra cess may
be both overdone as for the addicted smokers, price of Cigarette one
rupee more or less does not mean anything.
My personal channel check with a nearby small Cigarette shop in the
immediate period of post-GST found that the products were in acute short
supply and were also selling at premiums to the MRP both by the
distributor or retailer and smokers were not caring it at all!!
The disturbing trend is that although, there is some concern among aged
smokers to leave it, younger generations, even teenage girls are
increasing being addicted to it; in that sense, absolute volume may have
no significant relationship with small increase or decrease in
prices(MRP); most of the Cigarettes are being sold in one/two sticks in
lieu of a whole packet.
But, this whole flip flops over Cigarettes GST rate may be also
indicating that Govt is not ready to sacrifice any revenue even for a
fair rebalancing of GST rates among various products & services, even it
calls for an extreme multiplication of rates.
<https://4.bp.blogspot.com/-rOu4biIshLs/WW2JTcvm7FI/AAAAAAAAMZM/aw_YBwOUPVU71_X7EBSST9J52OEP6ZJFwCLcBGAs/s1600/SGX-NF-18-07-2017.png>
SGX-NF
--
Thanks & Regards,
Asis Ghosh
--
Kindly email stock reports at
STOCKRESEARCHER@googlegroups.com
For sharing knowledge
-- NIFTYVIEWS.COM NOW A FREE OPEN SOURCE WEBSITE.
http://www.niftyviews.com/
Disclaimer :-
"The opinions expressed by the members on this board are based on
their individual experience and perceptions and to share information
with other members with the best of intentions to help fellow members
in investment decisions as equity investment is a risky venture.The administrator of
www.Niftyviews.com just provide a platform for the authors to express their opinion
and take no guarantee for the genuineness of the same."ANY member of this forum
doesnt prepare or publish any research report; or ii. provide research report; or
iii. make 'buy/sell/hold' recommendation; or iv. give price target;
---
You received this message because you are subscribed to the Google Groups "Niftyviews.com" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to stockresearcher+unsubscr...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.