Nifty Fut (NSE-April): Weekly Technical Outlook

Technically, NF (LTP: 8636 & SGX NF: 8620) has good support of around 8605-8580 zone, followed by 8554-8532 area. Consecutive closing below 8532, NF may fall again to 8350 territory.

On the up side, NF need to sustain above 8688 area for target of 8740 zone. Only a consecutive closing above 8740, NF may scale again 8820-8875 territory. Sustain above 8875, it may again revisit life time high of around 9200 by next few weeks (High probability).

On the domestic front, decent corporate earnings & positive guidance for the next quarters may help. All eyes will be on LS session, started from today & also on RS (started from 23-rd April) for probable passage of Land & GST Bill. 

Going ahead, proper implementation of GST may be a game changer for our country, as it may contribute 1.5-2% growth on the GDP side. For GST Bill, there may not be any major hurdle in the RS, but for the Land Bill, Govt has to do its political math (RS Floor strategy) accurately in order to pass it in RS. On the flip side, Friday's Trade Balance number (- $11.79 B against + $ 6.8 B) may cast some shadow, but the figure was some how expected.

Globally, we averted a meltdown today, thanks to CRR cut by PBOC & more targeted stimulus are likely to follow to regain growth in China. This was done yesterday, after late Friday afternoon action of CSRC to cool down red hot China market, which subsequently caused a  meltdown of China EQ FUT(nearly 5%) and subsequent follow up in the Global markets  overnight.

Certainly, Greece is an issue, but most probably it will be sorted out by next few days (before May 1st, schedule date of another IMF payment). Simply, EU & US can't afford for an Grexit under any conditions.

Trading Levels: Nifty Fut (NSE-APRIL)

		Gap Up/Dw	(Indicative)
SGX NIFTY	8620	-16
				NF-APR	LTP	8636
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	SLR
Strong >	8600		8640-8688	8710-8740*	8760-8780	<8580
Weak <	8580		8554-8532	8500-8473*	8448-8411	>8600
FOR	Conservative	Positional	Trader
			T1	T2	T3	SLR
Strong >	8600		8688	8740*	8780-8820-8875	<8580
Weak <	8580		8532	8473*	8411-8364-8328	>8600