Immediate positional support for Nifty Fut ( LTP: 8615) is around 8545-8523 zone & below that 8487-8469 area. Consecutive closing below 8469, NF could dip to 8300-8120 zone (low probability as of now).
On the upside, NF has to sustain above 8665 zone for any meaningful rally up to 8740-8845 zone by this week.
Overall, we could see a range bound consolidation (8469-8845) in this week. Although maximum reform bills (required legislative approval) were passed in our RS, Land bill got stuck and the Govt. has to plan something shortly, as after 5-th April, the Land ordinance may lapse. Going forward, GST bill may also be a game changer and there should not be any major political hurdle to pass it.
Market will closely watch RBI tone (may see some action on CRR/SLR front to ease overall cost of funds of the banks & effective transmission of rate cut to the consumers; further repo rate cut to the tune of 75-100 bps may happen gradually in FY-2015-16).
Earnings result (4-th QTR) will also be keenly watched in the next month which is not "great" so far.
It seems that, our market is in the dilemma of "March Financial Year Ending" and DII/HNI(s) are in some type of selling/profit booking/portfolio realignment mode, despite overall positive global cues and not so negative domestic cues.
Trading Levels: Nifty Fut (NSE-MARCH)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8615 | 0 | ||||
| NF-MAR | LTP | 8615 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8580 | 8605-8665 | 8692-8740* | 8772-8800 | <8560 | |
| Weak < | 8560 | 8545-8523 | 8487-8469* | 8411-8390 | >8580 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8580 | 8665 | 8740* | 8800-8845 | <8560 | |
| Weak < | 8560 | 8523 | 8469* | 8390-8319 | >8580 | |
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