Technical & Macro Analysis Of Indian & Global Market----: Nifty May Open Flat Amid Tepid Global Cues Ahead Of UK PM’s Much Awaited “Hard Brexit” Speech (?); 8485-8510 Zone In Nifty May Be A Big Hurdle In The Days Ahead

Tuesday 17 January 2017

Nifty May Open Flat Amid Tepid Global Cues Ahead Of UK PM’s Much Awaited “Hard Brexit” Speech (?); 8485-8510 Zone In Nifty May Be A Big Hurdle In The Days Ahead

Market Mantra: 17/01/2017 (08:30)

Watch 8460-8425 & 8485-8510 Zone In Nifty Fut (Jan), Which May Open Around 8440 Today

For RIL, 1105-1115 zone may be a big hurdle and sustain below 1070 area, it may fall towards 1040-1015 & 975-925 zone in the near term.

On the other side, sustaining above 1115-1130 area, RIL may rally towards 1160-1280 zone in the near to midterm.

Q3FY17 result flashed yesterday may be tepid and GRM also below expected; the stock may correct to some extent.

As par early SGX indication, Nifty Fut (Jan) may open around 8440 today, almost flat following tepid global cues ahead of UK PM’s much awaited “Hard Brexit” talk later in the day. Although, market is bracing for a hard Brexit talk from May, the speech is scheduled for a group of foreign dignitaries and considering some British Parliamentary procedure eventually, May can’t divulge any more information, which is not known; i.e. this event may be a sheer hype also.

Market is also concerned about Trump’s rhetoric of trade protections and perception of “America First” ahead of his inaugural day and USD/US bond yields are under mild selling pressure.

Back to home, market sentiment may be little jittery after tepid RIL result/GRM and increasing debts & R-JIO capex without any revenue so far.

Also, gloomy GDP forecast by IMF yesterday for India & delay in GST may affect the sentiment by some extent.

Hints for actionable trading ideas:

Technically, NF has to sustain over 8485-8510 area for further rally towards 8545*-8585 & 8645*-8685 zone for the day (under bullish case scenario).

On the other side, sustaining below 8460-8425 zone, NF may further fall towards 8380-8320* & 8275*-8225 area for the day (under bear case scenario).

Similarly, BNF (LTP: 19145) need to sustain above 19250 zone for further rally towards 19350-19450* area for the day (under bullish case scenario).

On the other side, sustaining below 19200 area, BNF may further fall towards 19100*-19000/18800* zone for the day (under bear case scenario).