SGX-NF: 8120 (CMP)
NSE-NF: 8122 (LTP)
Technically, NF has to sustain above 8165-8205 zone for any strength towards 8275-8335/8350 & 8405 area.
On the downside, sustain below 8060 zone, NF will fall towards 8000-7940/7920 area. Fall below 7920 may invite 7840-7775 & 7720-7675 area in the near term.
Although, we may see some support of NF around 8060 area on the back of China's MSCI woes (India may be benefited for FII flows), there will be also some pressure on the market for tepid IIP and higher inflation trajectory and weak global cues (Brexit/plunging bond yields/Fed woes) and Rexit (Rajan's possible exit from RBI).
Passage of GST and actual monsoon & its distribution may be also the near term triggers of the market along with trend of Q1FY17 result.
Overall, technical outlook is still "Sell On Rise", until NF close consecutively above 8200 zone.
Analytical Charts:
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