For NF(LTP:8688 & SGX:8655), vital intermediate support is 8615-8590 zone and sustain below that 8490-8465 area should be the positional support as of now.
On the up side, closing above 8665-8700 zone is important and sustain above that 8841-8890 zone could be the target.
Indian market retraced quite a lot post budget, RBI Rate cut and in spite of Insurance bill got the nod of RS in another classic example of "Buy the runour & sale the news" on the back of increasing trend of CPI released on last Thursday evening.
Going forward, all the other important pending reform bills including the Land Bill may be passed also by the RS within this week (20/03/2015) and for that all the required political drama and permutations & combinations might be ready.
On the global front, Dollar index is also near its intermediate peak of around 100 & is in the process of retracement. DXY has to break above 101 for 105 & 95 is now a vital positional support. Strong dollar & sliding oil is hurting the corporate profits of US companies. EURO is fast becoming a funding/carry trade currency and is helping quite a lot for global fund flows. There is also some talk of more Chinese stimulus in near future. All eyes will be on Yellen on Wednesday, this week (18/03/2015) for its FOMC statement (from patient to live mode). For S&P-500, vital support is now 2035-2029 zone.
Trading Levels: Nifty Fut(NSE-MARCH)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8655 | -33 | ||||
| NF-MAR | LTP | 8688 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8645 | 8671-8702 | 8727-8771* | 8806-8843 | <8625 | |
| Weak < | 8625 | 8587-8541 | 8505-8487* | 8465-8411 | >8645 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8645 | 8702 | 8771* | 8843-8890 | <8625 | |
| Weak < | 8625 | 8541 | 8487* | 8411-8370 | >8645 | |
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