Nifty May Open Almost Flat Amid Domestic Optimism About BJP’s Prospects In The State Elections/UP Despite Tepid Global Cues; For NF, 9035-9075 May Be A Big Hurdle Before Reaching Life Time High

Market Mantra: 07/03/2017 (08:30)

Watch 8995-8945 & 9035-9075 Zone In Nifty Fut (March), Which May Open Around 8975 Today

Bharat Fin (LTP: 802)  may be in the limelight today for all the wrong reasons as  management indicates acute stress in some of the loan A/C, especially in UP & MH; it may be also an indication that after DeMo, overall rural economy or unorganized sector may be still in stress. Also, it seems that the recent merger buzz with IIB or any other bank may not happen in a hurry due to valuation concern.

Technically, the stock need to sustain over 830-850 zone for any further rally towards 880-930 zone; otherwise it may come down and sustain below 795 may fall towards 750*-590 & further to 515-465 area in the near term.

As par early SGX indication, Nifty Fut (March) may open around 8975, almost flat following tepid global cues as a result of Trump tantrum and NK missile tests. But, it seems that Indian market is resilient on the backdrop of better than expected Q3FY17 GDP, earnings despite DeMo blues and also discounting a high probable BJP win in the ongoing state elections & UP.

Hints for actionable trading idea:

Time & Price action suggests that, Nifty Fut (March @8975) has to sustain over 9020-9035 area for further rally towards 9075-9125 for the day/ in the short term (under bullish case scenario).

On the other side, sustaining below 8995 zone, NF may fall towards 8945-8900/8870 area for the day in the near term (under bear case scenario).

Similarly, BNF (LTP: 20740) has to sustain over 20950 area for further rally towards 21050-21150 area for the day/ in the near term (under bullish case scenario).

On the other side, sustaining below 20900 area, BNF may fall towards 20750-20600 & 20500 zone for the dayin the near term (under bear case scenario).

                                                                                
                                                                          SGX-NF

BHARAT FIN