Market Mantra: 23/03/2017
(08:30)
SGX-NF: 9075 (+28
points)
Vital support for NF:
9025/8995-8950
Vital resistance for
NF: 9125-9165/9195
Vital support for BNF:
20700/20650-20450
Vital resistance for
BNF: 21100-21250/21350
As par early SGX indication, Nifty Fut (March) may open around
9075, slightly in positive tone following mixed global/Asian cues ahead of
crucial voting today in US senate on repel of Obamacare & replacement for a
new Trumpcare. Global/US market may be also concerned on continuing squabbling
about Trump’s Russian connection and wire tapping allegation, which may turn
into a serious US political issue in the days ahead undermining the rhetoric of
Trumponomics.
Yesterday, USDJPY fall to multi-week low after sad attack on UK
Parliament in an apparent act of terrorist activities, in which 5 persons
including the attacker and 40 other persons were injured (flow to the safety of
Yen in times of such geo-political/terrorist act). USD later recovered as the
matter has ended rather quickly and seemed that it may not be a well organized
terrorist attack done by someone like ISIS; it may be an act by some disgruntled
minds/jehadi elements.
With little domestic cues, all eyes may be on the US senate
today and if Trump wins there, expect some “risk on” mode for the global as well
as the Indian market today; otherwise Nifty may break the level of 8995 zone on
concern of stretched valuation and earning woes of banking sector (PSBS/some
old private banks); also development of GST may be keenly watched as Govt is
still not 100% sure of its implementation from July’17, with barely 3 months in
hand; Govt need to take a bold decision in this regard.
Hints for actionable
trading idea:
Time & Price action
suggests that, Nifty Fut (March) has to sustain over 9125 area for further rally
towards 9165-9195 & 9235-9275 for the day/ in the short term (under bullish
case scenario).
On the other side,
sustaining below 9105 area, NF may fall towards 9060-9025/8995 & 8950-8865
area for the day/ in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 21100 area for further rally towards 21250-21350 & 21500-21650
area for the day/ in the near term (under bullish case scenario).
On the other side, sustaining below 21050 area, BNF may fall
towards 20950-20650 & 20450-20325/195 zone for the day/ in the near term
(under bear case scenario).
SGX-NF
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