Market Mantra: 17/04/2017
(08:45)
SGX-NF: 9150 (-30
points)
Key support for NF: 9115-9085
Key resistance for NF:
9200-9235
Key support for BNF:
21640-21500
Key resistance for
BNF: 21775-21875
As par early SGX indication,
Nifty Fut (Apr) may open around 9150, gap down following tepid global cues amid
lingering geopolitical tensions. On last Friday, US bombed to ISIS in Afghanistan
with a MOAB (mother of all bombs) in an apparent warning to NK, which on the
other hand, attempted a failed missile launch yesterday. Although, being a
nuclear power, NK may be immune to sudden “surgical strike” from US, there may
be still concern about a serious conflict in the event of a attack by US or a
nuke test again by NK. China & Japan is trying their best to pacify the
situation between US & NK, which is so far engaged in a serious “war of
words” only.
Apart from geopolitical concerns,
US economic data (Core CPI, retail sales) also flashed below expectations on
Friday and the overall mixed set of economic data, which indicates that despite
record consumer sentiment, consumer spending is tepid and thus, Fed may not
hike rate in June. Also, a growing geopolitical tension involving US &
NK/Syria may prevent Fed for further multiple rate hikes in 2017. Thus, USD is
being sold across the board and flight to safety towards Yen & USTSY bonds;
risk trade is off.
Back to home, after tepid
result & guidance from Infy, market will look further results from IIB, Yes
Bk this week also to the WPI to be released today. Some PSBS may be under
pressure today after RBI tweaks norms for NPA criteria for risk assessments for
the banks.
Hints for actionable
trading idea: Nifty & Bank Nifty Fut
Time & Price
action suggests that, Nifty Fut (Apr) has to sustain over 9200 area for further
rally towards 9235-9275 & 9305-9335 for the day/in the short term (under
bullish case scenario).
On the other side,
sustaining below 9180 area, NF may fall towards 9115-9085 & 9040-8985 area
for the day/ in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 21825 area for further rally towards 21875-21975 & 22050-22150
area in the near term (under bullish case scenario).
On the other side,
sustaining below 21775 area, BNF may fall towards 21640-21500 & 21340-21150
area in the near term (under bear case scenario).
INFY
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