Technically, NF (LTP:8381; SGX NF: 8359) has to sustain above 8395 zone for immediate target of 8465-8492. Sustaining above 8492, NF may head towards 8552-8675-8875 zone in the near term.
On the flip side, sustain below 8360 zone, NF may fall towards 8325-8312 & below that 8295-8250 area should offer good support. Sustain below 8250, NF may again crash towards 8200-8150-8100 zone.
Yesterday, NF gave a good run (biggest single day gain in the last 30 days) on the back of MAT news, CLSA upgrade, Oil & Gas sector re-rating, M&A in retail space and consequent good short covering.
Today, all eyes may be on the Mumbai HC outcome of FII petition on MAT. Any immediate stay on the recovery proceedings by the Income Tax Dept will ignite our market. But, ultimately, the matter may be referred to the SC, as this MAT issue involves some important question of laws and a similar case is pending there.
Also GST bill may be passed today/shortly in the LS/RS with the direct/indirect help from some opp. parties, which may also help our market quite significantly.
Globally, there is no such "risk off" news, except some Chinese tightening plan (like stamp duty increase/margin hike on small caps etc) to curb massive excesses in their stock market.
Bottom Line (Cyclical Positional Trading Levels):
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8359 | -22 | ||||
| NF-APR | LTP | 8381 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8395 | 8430-8465 | 8492-8552* | 8576-8600 | <8375 | |
| Weak < | 8375 | 8354-8312 | 8295-8270* | 8250-8200 | >8395 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8395 | 8465 | 8552* | 8600-8675 | <8375 | |
| Weak < | 8375 | 8312 | 8270* | 8200-8122 | >8395 | |
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