Nifty Fut(NF) may now face some resistance around 8373 & 8419 zone, sustaining above that 8500 & 8650 will be the next target. Expect 9500 & 10500 zone by Dec'2014 & March'2015, if this upward momentum kept alive.
On the downside, 8200 & 8135 zone may now give positional support.
Although, FED is keeping brake on its QE for the time being, its in no mood to SELL the bonds in the market to suck cash & it may reinvest in the bonds again. Given the bleak inflation outlook of US & virtually zero wage inflation (hourly wage in US is still in the 2008 level as of now), FED will be in no hurry to raise interest rates & may keep the "Considerable Time" phrase in the Dec'14 statement also. This along with BOJ & EU enhanced liquidity measure & greater threshold limit for investment in equities by various funds (like pension funds etc) may keep the party on.
Modinomics is also adding fuel to this party & India may continue to outperform other EM(s) in the coming months.
Trading Levels: Nifty Fut(Nov)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8391 | 36 | ||||
| NF-NOV | LTP | 8355 | ||||
| SL >/< 5 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8370 | 8395-8419* | 8455-8475 | 8502-8528 | <8350 | |
| Weak < | 8350 | 8323-8291* | 8274-8244 | 8229-8200 | >8370 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8370 | 8419* | 8475 | 8528-8578 | <8350 | |
| Weak < | 8350 | 8291* | 8244 | 8200-8137 | >8370 | |
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