Market Mantra: 02/01/2017 (08:30)
Watch 8195-8090
& 8255-8335 Zone In Nifty Fut (Jan), Which May Open Around 8180 Today
BNF need
to sustain above 18350-18400 zone for any further rally; Below 18000-17950 will
be more weak.
NAMO’s New
Year “mini budget” speech is clearly aimed at forthcoming state elections, especially
UP, which may be announced shortly; but may keep pressure on banks for “social
obligation”.
All eyes
will be on the Markit MFG PMI (India), further auto sales numbers and PM’s
speech today.
As par early SGX indication, Nifty Fut (Jan) may
open around 8180 following Friday’s weak closing of US market. Today almost all
the major financial markets are closed except India and as such, domestic cues
will be vital, although volume may remain tepid.
Maruti reported weak auto sales numbers yesterday
(16% MOM fall & 1% YOY fall in Dec’16), which may be a direct fall out of
demonetization and “war on black money”.
Hints
for actionable trading ideas:
Technically,
NF need to stay above 8195 area today; otherwise it may fall towards 8150-8090*
& 8040*-7980/7940 zone for the day (under bear case scenario).
On the
other side, sustaining above 8235/8255 area, NF may further rally towards
8295/8335*-8375 zone for the day (under bullish case scenario).
Similarly,
BNF (LTP: 18196) has to sustain over 18350-18400 area for further rally towards
18600-18650* & 18800*-19050 zone for the day (under bullish case scenario).
On the
other side, sustaining below 18250-18200 area, BNF may further fall towards
18000*-17900 & 17800-17600* zone for the day (under bear case scenario).
SGX-NF
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