Market
Mantra: 18/01/2017 (08:30)
Watch 8425-8380 & 8465/8485-8510
Zone In Nifty Fut (Jan), Which May Open Around 8415 Today
Some fall in USD may be good for EM (s)
including Indian market for the time being; but Nifty need to stay above
8485-8510 for any further rally from here; otherwise may fall in the coming days.
As
par early SGX indication, Nifty Fut (Jan) may open around 8415 (+12 points),
almost flat after mixed Global/Asian cues following confirmation of “Hard
Brexit” stance by UK PM & renewed concern about “Trumponomics” just ahead of
the inaugural day. Japan is trading in negative as a result of some strength in
Yen; but China is in positive territory after some recovery in Yuan & its
home prices.
Although,
UK’s stance of “Hard Brexit” was almost discounted even before the speech, the
point that it will go through the Parliament approval procedure for the final
deal with EU (not the invocation of the Article-50) has somewhat accelerated
the huge short covering in GBPUSD along with the perception that by May’s
official statement about modalities of the Brexit procedure, a great deal of
uncertainty has removed. Although, basically the ball is now with the EU
authorities for subsequent trade agreements with the UK, market will also watch
keenly the verdict of the UK SC on the need for Parliament approval for the
invocation of the Article-50 issue and there are still lots of uncertainty
& concerns about UK’s future.
Although,
fall in USD after Trump’s comments and UK’s confirmation about Hard Brexit
stance may be positive for EM & Indian market, it may be a temporary relief
before Trump taking charge of the office on 20th Jan. All will now
depend upon his actual plan of “Trumponomics” and its implementation on the
ground.
Back
to home, Indian market sentiment may get some support after the controversial
double/triple taxation issues for the FPIS is put on hold by the Govt; although
it’s is expected line, the consistent flip-flops by the tax authority and lack
of a predictable & fair tax regime may continue haunt the “angel investors”
(FPIS).
Hints for actionable trading ideas:
Technically, NF needs to stay above
8485-8510 zone for any further rally towards 8545*-8585 & 8645-8685* area for
the day (under bullish case scenario).
On the other side, sustaining below
8460-8425 area, NF may further fall towards 8380*-8325 & 8285*-8215 zone
for the day (under bear case scenario).
Similarly, BNF (LTP: 19077) need to
stay above 19275 zone for further rally towards 19350*-19550 area for the day
(under bullish case scenario).
On the other side, sustaining below 19200
area, BNF may further fall towards 19100*-18900/18800 zone for the day (under
bear case scenario).
SGX-NF
BNF
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