Market Mantra: 09/03/2017
(08:30)
Watch 8975-8865 & 8995-9075 Zone In
Nifty Fut (March), Which May Open Around 8900 Today
As
par early SGX indication, Nifty Fut (March) may open around 8900 following
tepid global cues after overnight slump in oil for concerns of sustained supply
glut & an impending Fed rate hike next week as a result of blockbuster ADP
job data released yesterday. Also, in the morning, overall Chinese core CPI
& PPI data is below market estimates and also against the global reflation
perception; by incrementally higher core PPI of Chinese goods, China is
expected to distribute its inflation for the rest of the world, especially US
& EU and also Japan (DM). As a result, global market is somewhat subdued
today with an added concern of France political risk and ongoing saga of
Brexit.
Amid
all these global concerns and hawkish Fed, Indian market also looked nervous
today at the beginning ahead of crucial exit polls released later in the day
after market hours. Although, as par unofficial betting sources, BJP is poised
for a big win in all the states including UP except Punjab this time as despite
DeMo, there is no let up in popularity of NAMO, who is being seen as the “friend
of the poor” after his “war on black money”, it may not be sacrosanct.
As
par some party sources, BJP top brass is not itself so much confident and is
apprehending a fractured verdict in UP, the most important state now which is
seen as a mini referendum for NAMO; it’s also very true that there is now no
credible political leader to compete with NAMO at national level, but Akhilesh
may be a formidable force in UP politics also. Thus, market may take wait &
watch mode till the actual result on Saturday, 11th March before
jumping in as ultimately, an election is full of uncertainty; recent example
may be Bihar.
Hints for actionable
trading idea:
Time & Price action suggests that, Nifty Fut (March @8900)
has to sustain over 8975 area for further rally towards 8995-9035 &
9075-9125 for the day/ in the short term (under bullish case scenario).
On the other side,
sustaining below 8975 zone, NF may fall towards 8935-8890 & 8865-8795 area
for the day/ in the near term (under bear case scenario).
Similarly, BNF (LTP:
20777) has to sustain over 20950 area for further rally towards 21050-21150
& 21350-21500 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 & 20490-20250
zone for the day/in the near term (under bear case scenario).
SGX-NF
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