Market Wrap: 19/04/2017
(19:00)
NSE-NF (April): 9145
(+22 points; +0.24%)
NSE-BNF (April): 21650
(-43 points; -0.20%)
IN 10Y G-SEC: 6.854
(-0.12%)
USDINR (Apr): 64.65
(-0.06%)
For 20/04/2017:
Key support for NF: 9115-9060
Key resistance for NF: 9200-9255
Key support for BNF: 21500-21300
Key resistance for BNF:
21675-21775
Time & Price action suggests that,
Nifty Fut (Apr) has to sustain over 9200 area for further rally towards 9255-9310
& 9375-9425 in the short term (under bullish case scenario).
On the other side, sustaining below 9180
area, NF may fall towards 9115-9085/60 & 9025-8970 area in the short term
(under bear case scenario).
Similarly, BNF has to sustain over
21775 area for further rally towards 21875-21975 & 22050-22150 area in the
near term (under bullish case scenario).
On the other side, sustaining below
21725-675 area, BNF may fall towards 21600-21500 & 21400-21250 and further
to 21150-20900 area in the near term (under bear case scenario).
Nifty
Fut (Apr) today closed around 9145, up by 0.25% in a closing minutes short
covering after failing to break the vital positional support of 9085 in a
number of attempts. Most of the session was very range bound in the absence of
any major fresh domestic or global triggers and NF made a day low of around
9097 & closing minutes high of 9147.
Indian
market today opened in a flat note following tepid global cues amid ongoing
geopolitical tensions with NK-US, some regulatory concerns on Chinese stock
market, mixed set of earnings in the US market and political uncertainty over
French & British elections.
China
market was under pressure for the last few days after Chinese securities
regulator tightened their supervisions on the country’s stock market and warned
about some asset bubbles there. Also, recent slump in iron ore prices &
increasing tightening by PBOC and downbeat GDP projection by IMF yesterday may
also be responsible for some risk off there.
Among
all these ongoing global concerns, Indian market was also under some stress
today after yesterday’s subdued GDP growth forecast by IMF for FY-18, cautious
tone of IMD regarding monsoon this year, mixed/tepid sets of earnings from
Nifty heavy weights so far. Although, actual earnings from TCS may be muted, positive
commentary about operating margin & less impact of the H1B Visa issues may
have limited the downside today.
Indusind
Bank also reported below expected Q4 earnings on the back of unexpected surge
in provisions; although other operating ratios of the bank were quite upbeat
along with future plan of expansions.
Technically, IIB (LTP: 1422) need to
sustain over 1445-1465 area for further rally towards 1485-1520 & 1550-1600
and 1660 zone in the near to long term; otherwise it may correct and sustaining
below 1405-1375 area, may further fall towards 1345-1320 & 1285-1245
territory in the coming days.
PSBS
and also some private banks were under pressure today after RBI virtually
announced another “Mini AQR” to recognize hidden stressed assets or future
potential NPA. Although, RBI is taking various steps to recognize the toxic
stressed assets (NPA/NPL) and ensuring proper provisioning by the banks thereon
to reduce any systemic risk for future, the actual resolution process may be
very tepid. Private Banks were also under pressure today due to significant exposure
in telecom sector, which is currently under a great stress.
After
market hours today, Yes Bank published its Q4 numbers, which may be slightly
above estimates on PAT basis; but there was also significant surge in
provisions & stressed assets (from one specific account to the tune of
Rs.911.5 cr); although the Bank is confident for recovery of it in the next QTR,
the stock may correct to some extent as its already rallied quite a lot on expectations
of a super earning growth.
Technically, Yes Bank (LTP: 1605) need
to 1635-1655 area for further rally towards 1675-1730 & 1810 zone in the
near to long term; otherwise it may fall towards 1590-1555 & 1535-1460 area
in the coming days.
SGX-NF
BNF
IIB
YES BK
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