Technically, BNF (LTP:17745) has to sustain over 17880 for further upward targets of 18070-18215-18307-18419-18600-18880 in the near term under the bullish market scenario.
On the down side, immediate support is around 17710 and sustain below that it may fall to 17631-17527-17481-17389-17286 zone. Consecutive closing below 17250, BNF may beout of "Bull market territory" for the time being and may crash to 17000-16000 zone in the coming days.
Bottom Line: Technical Trading Levels (Positional)
| BNF-JUNE | LTP | 17745 | ||||||
| SD/SL=+/- | 25 POINTS | FROM SLR | ||||||
| T1 | T2 | T3 | T4 | T5 | SLR | |||
| Strong > | 17300 | 17487-527 | 17631 | 17710-880* | 18020-70 | 18160-215 | <17250 | |
| Weak < | 17250 | 17180-150 | 17080-010 | 16776* | 16508-300 | 16170-002 | >17300 |
BNF made a good short covering yesterday in the last one hour of trading from the days low. Apart from RBI event & subsequent base rate cut transmission by banks, there are reports that some of the banks has huge exposoure to some of the debt ridden companies (like ICICI Bank may have heavy exposoure to JP group). Also report of forthcoming meeting with FM (on 12-th June), may put them (Banks) further pressure for quick & effective rate cut transmission mechanism. On the other hand, Banks would have also a platform to express their views about immediate liquidity concerns & may press for some action on this front by RBI (like CRR/SLR rate cut).
Immediate trigger for our market may be progress of monsoon & its actual distribution. Though IMD is forecasting a grim situation of monsoon this year, SKYMET is effectively forecasting just opposite of that (nearly normal monsoon this year). As par SKYMET, El-Nino (on pacific ocean) may be countered by Indian-Nino (Indian Ocean Dipole-IOD) this year and India may receive normal rains.Previous forecasting records of SKYMET is quite impressive than IMD----by July, it will be clear, who is correct this year.
Globally, Greece is playing a great "game of chicken" and is now deferring (bundling) June-5th & 14-th payment to 30-th June for basically extracting ETSF fund of around 11 bln euro. Previously, there was news that Greece will pay June-5th payment with IMF's unutilized infrastructure fund given to it (like paying AMEX credit card debt with CITY credit card). In the ongoing Greece comedy drama, it seems that they has exhausted all their credit card limits and a fresh credit card is in the process (ETSF Fund).
Its very sad that Greece has no access of the 24/7 EURO printing machine (all is being controlled by Draghi & Co)---imagine the situation, what will be the fate of US, if it lives in a world of common currency and the printing machine of the same was controlled by some other central banker apart from FED & US was asked to go structural reform rather than currency reform or unlimited USD printing ?
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