NF (CMP: 8244; SGX NF: 8250) has to sustain over 8270-8295 zone for an immediate target of 8362-8455 area. Only consecutive closing above 8455, NF may scale 8600-8725-8875 zone in the near term.
On the flip side, below 8250-8200 zone, strong positional support is around 8180-8150 area. Sustain below 8150, NF may fall to 8115-8075-8000 zone. Consecutive closing below 8000, NF may further fall to 7900-7800-7600 territory in the near term under worst bear market scenerio.
All eyes will be the Mumbai HC on 6-th May for the outcome of FII petition against imposition of controversial MAT. Acceptance of the Petition along with immediate stay of the recovery proceedings by the Income Tax Dept may ignite a significant rally in our market. Ultimately the issue may be solved by the SC. Also, possible passage of GST & Land (??) bill in the current parliament session may help.
Globally, sentiment is by & large positive for a "Risk On Rally", with FED in the side line, no fear of immediate Grexit and China might do some targeted mini stimulus to prevent further cool down of its economy.
Bottom Line (Positional Cyclical Trading Levels):
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8250 | 6 | ||||
| NF-APR | LTP | 8244 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8180 | 8227-8251 | 8270-8295* | 8325-8362 | <8160 | |
| Weak < | 8160 | 8115-8075 | 8050-8000* | 7942-7915 | >8180 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8180 | 8251 | 8295* | 8362-8455 | <8160 | |
| Weak < | 8160 | 8075 | 8000* | 7915-7800 | >8180 | |
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