Market Mantra <https://www.iforex.in/news>: 19/09/2017 (09:00)
SGX-NF: 10160 (-19)
For the Day:
*Key support for NF: 10150-10090*
*Key resistance for NF: 10205-10250*
*Key support for BNF: 24950-24850*
*Key resistance for BNF: 25150-25250*
*Hints for positional trading:*
*Technicals indicate that, NF has to sustain over 10205 area for further
rally towards 10250- 10325 & 10385-10455 area in the short term (under
bullish case scenario).*
*On the flip side, sustaining below 10185 area, NF may fall towards
10150-10090 & 10050-9995 area in the short term (under bear case scenario).*
*Similarly, BNF has to sustain over 25150 area for further rally towards
25250-25350 & 25585-25785 area in the near term (under bullish case
scenario).*
*On the flip side, sustaining below 25100-25050 area, BNF may fall
towards 24950-24850 & 24700-24500 area in the near term (under bear case
scenario).*
As par early SGX indication, Nifty Fut (Sep) may open around 10160,
edged down by around 19 points tracking muted global cues as market may
be cautious ahead of Fed & BOJ and on increasing US-SK war drills in the
Korean peninsula to put “peaceful pressure campaign” on NK and elections
in Germany & NZ this week coupled with a snap poll for JP next month
Yesterday US has also indicated that they have some war strategy that
will prevent any cascading NK attack on SK in case of an war, without
divulging much details about it. Market may be also worried about any
drastic change in US policy under Trump for the Iran nuke deal and any
trade war stance against China coupled with some optimism about US tax
reform policy & Trump’s ability to pass his legislative agenda on the
strength of his bipartisan stance.
*Overnight US market*closed in positive; DJ-30 gained by around 0.28%,
S&P-500 was up by 0.15% to close around 2504 and NASDAQ edged up by
0.1%, helped primarily by banks on higher US bond yields favourable for
their business models, but dragged by techs, especially Amazon on
concern of viability of its new subscription business model.
*US stock future (SPX-500)*is now trading around 2503, almost unchanged
on muted Asian cues ahead of EU market opening. USDJPY gained some pips
on talks of an early JP election by next month favourable for Abe amid
his increasing popularity on NK missile crisis handling and an
unprepared oppositions; Abe may continue JP QQE for more time when BOJ
may be thinking of some back door/indirect QQE tapering under Kuroda,
whose term will end next year.
Back to home, *Indian market* (Nifty Fut) after opening edged down, may
focus on Govt’s fiscal stimulus talks in the forthcoming budget to
revive the slowing economy ahead of key state & general elections in
2018-19; but considering the muted GST collections for the 1^st month on
account of huge input tax credit claims for the transition stocks and
ongoing glitches in the GSTN network, there may be some constraint for
the Govt capex in H2FY18, which was the sole driver for India’s GDP in
the last few years.
Under the fiscal stimulus, Govt may also try to reform the direct tax
mechanism to make it more simpler & affordable to improve the overall
tax/GDP ratio; but reform in petro products taxation may looks remote at
this stage as Govt can’t afford to lose an easy way to collect
substantial tax revenue. Market may also focus on meeting between
PMO-FMO/FIN MIN secretaries & CEA today to take stock of the Indian
economic conditions.
Apart from these, market may be also concerned about new SEBI rule to
disclose any loan default by the listed cos to be effective from 3^rd
Oct; because this may put more stressed cos & NPA in the limelight and
may cause another wave of AQR types of disruptions in the system/market.
<https://4.bp.blogspot.com/-ZdvGOB4BaVI/WcCnfLqqIQI/AAAAAAAANJw/SXweRrAfBLkmTroWsL7rw0zCKC5zVzGAgCLcBGAs/s1600/SGX-NF-19-09-2017.png>
SGX-NF
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Thanks & Regards,
Asis Ghosh
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