Market
Mantra: 08/02/2017 (08:30)
Watch 8835-8740 & 8855-8900 Zone In
Nifty Fut (Jan), Which May Open Around 8800 Today
As 0.25% much anticipated repo rate cut
may have been already discounted by the market, only some surprise like 0.50%
cut may cause further rally in NF towards 8900 area; will RBI oblige today by
cutting 0.50% to “kick start the economy after demonetization blues” ?
On the other side, a 0.25% rate cut
accompanied by Hawkish commentary from Patel may also ignite some selling
towards 8700.
As
par early SGX indication, Nifty Fut (Feb) may open around 8800 (+10 points),
almost flat following mixed Global/Asian cues. Overnight US market was also
mixed as oil slumped amid surprised API inventory report and increasing supply
from US shale oil companies. Also, recent data may be indicating a tepid demand
for gasoline from China & US.
USD
has gained some strength on the back of increasing EU political risks and
concerns of Chinese FX reserve depletion to defend Yuan. China market is also
under some pressure.
Back
to home, apart from RBI policy decision, all eyes may be also on the GDP
forecast by RBI for FY-17 & 18 and market may be concerned of probable downwards
revision of the same by RBI this time (6.2% GDP estimate for FY-17).
Hints for actionable trading ideas:
Technically, NF has to sustain over
8855 zone for further rally towards 8900*-8950 & 8995*-9075 area for the
day (under bullish case scenario).
On the other side, sustaining below
8835-8805 area, NF may fall towards 8740*-8690 & 8625*-8565/8495 zone for the
day (under bear case scenario).
Similarly, BNF (LTP: 20375) has to
sustain over 20550 zone for further rally towards 20650*-20800 & 20950*-21350
area for the day (under bullish case scenario).
On the flip side, sustaining below 20500
area, BNF may fall towards 20300-20200* & 20000*-19750 & 19600*-19350
zone for the day (under bear case scenario).
SGX-NF
BNF
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