Market Mantra: 13/01/2017 (08:30)
Watch 8405-8350
& 8435-8485 Zone In Nifty Fut (Jan), Which May Open Around 8442 Today
As par early SGX indication, Nifty Fut (Jan may
open around 8442 (+20 points) after yesterday’s lower CPI & higher IIP data
despite demonetization woes.
Overnight US market was tepid, but off the lows
following upbeat views by Yellen and some other Fed members about strength of
US economy and prospect of rate hikes. As par Yellen, Fed is for higher US
employments and decent inflation for US economy.
Thus, despite disappointment by Trump’s presser,
USD is getting strength across the board before retail sales data later today.
Also, whatever be Trump’s political risks, market is expected his administration
to at least announce some tax cuts and spending plan after he take over the
Oval office.
Oil is also higher after Saudi pledge of cuts
implementation and improved demand from China. Also, today’s trade data from
China is not so bad although export has suffered more than market expectation.
After upbeat CPI/IIP & TCS result, Indian
market today will look to Infy for its guidance as tepid result may be already
discounted.
All eyes may be also on the EC today or in the
weekend, for any final decision about budget day.
Hints for
actionable trading ideas:
Technically,
NF needs to sustain over 8465-8485* zone for further rally towards 8510-8545*
& 8585*-8635 area for the day (under bullish case scenario).
On the
other side, sustaining below 8435-8405* area, NF may fall towards
8380/8350*-8305/8290 & 8225/8205*-8180/8125 zone for the day (under bear
case scenario).
Similarly,
BNF (LTP: 18899) need to sustain above 19150 area for further rally towards
19250-19400* for the day (under bullish case scenario).
On the
other side, sustaining below 19050 area, BNF may further fall towards
18750*-18550 area for the day (under bear case scenario).
SGX-NF
BNF
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