Nifty Fut(NF) has to sustain above 8450 for 8665-8720 & 9000 zone before budget. Depending on the actual delivery of budget reforms, it could scale 9500 area by mid-2015.
On the downside, sustaining below 8450 zone, may again invite 8200/8100 zone.
Yesterday's 0.25 bps out of cycle rate cut by RBI may be just the beginning of the cycle & one can expect another 0.50 bps cut in near future.
Also yesterday's epic SNB action put everyone in wrong foot & there are major troubles in client's as well as broker's A/C, many of the market participants may find it hard to cope with the huge loses and that may cast some shadow in the global market (as well as in ours market too).
Going forward, this may not be a one way journey but a zig-zag one for the next couple of sessions, until dust settles.
Trading Levels: Nifty Fut(NSE-JAN)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8505 | 15 | ||||
| NF-JAN | LTP | 8490 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8490 | 8536-8565* | 8590-8610 | 8640-8665 | <8470 | |
| Weak < | 8470 | 8445-8407* | 8369-8337 | 8315-8295 | >8490 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8490 | 8565* | 8610 | 8665-8720 | <8470 | |
| Weak < | 8470 | 8407* | 8337 | 8295-8208 | >8490 | |
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