Nifty Fut-I: Found Double Bottom Near 8300---could we see 8875-9200 By Next Few Weeks ?

Technically NF (LTP: 8468 & SGX NF: 8502) has to sustain above 8535 zone for 8700 & 8875-9200 by next few weeks. 

On the flip side, immediate support is near 8477-8448 zone, followed by 8411-8365 and sustain below that 8328-8273 zone will offer positional support as of now. 

Consecutive closing below 8273 zone, NF may drift to 8210-8161-8110-8000 zone also under worst case scenerio (very low probability as of now).

Some clear clarification by the Govt about MAT (FII) yesterday evening may help as those FII(s) covered under DTAAs (like Singapore/Mauritius route) are not required to pay. Others have to take necessary legal recourse (SC) and Govt is ready to help them. It appears that the IT Dept is on the back foot now and may not chase FII(s) actively. On the other hand, Govt is agreed to expand the MAT exemption to income from bonds also after the requests of FII(s).

Though, IMD is forecasting some what below average monsoon, SKY MET is predicting it as normal. As par EL-NINO is concerned, various international specialists (like NOAA) are not confirming it at all, though has remote possibility. But, actual EL-NINO may even increase rain fall in some part of our country in lieu of decrease.

Market may now focus on earnings and passage of bills (GST/Land) in the LS/RS.

Globally, there is no such bad news except some Greece drama, which may be solved again in the next few days. On the other hand, China is ready to do more (like more CRR cut etc) to prevent further slowing of its economy. FED may also be in the side line in 2015, till more clarity emerges about US & Global economy, specially China/EU/Japan.

Technical Trading Levels: Nifty Fut (NSE-APR)

		Gap Up/Dw	(Indicative)
SGX NIFTY	8502	35
				NF-APR	LTP	8467
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	SLR
Strong >	8535		8560-8585	8605-8643*	8670-8700	<8515
Weak <	8515		8477-8448	8411-8365*	8328-8273	>8535
FOR	Conservative	Positional	Trader
			T1	T2	T3	SLR
Strong >	8535		8585	8643*	8700-8745	<8515
Weak <	8515		8448	8365*	8328-8273	>8535