Market Mantra: 20/04/2017
(08:30)
SGX-NF: 9134 (-11
points)
Key support for NF:
9115-9085/60
Key resistance for NF:
9180/9200-9255
Key support for BNF:
21500-21300
Key resistance for
BNF: 21675-21775
As par early SGX indication, Nifty & Bank Nifty
Fut (Apr) may open around 9134, almost flat amid mixed global cues. Overnight
US market closed in red (-0.55%) after subdued earnings from IBM and slide in
oil due to less than expected inventory draw down. Although, most of the Q1CY17
earnings from Wall Street are better than expected, there were also some aberrations
from some big names like GS & IBM. Also, an impending election in France on
Sunday (1st round) is being seen as too close and thus market
sentiment is also cautious after bitter experience for Brexit & also
Trumpism. As par some reports, a US professor, who successfully predicted a
Trump win in the hay days, is now again forecasting a probable impeachment of
Trump in the coming days by US congress/senate for various reasons. All these
may have made the US stock market in some pressure along with lingering
geopolitical concerns over NK & Syria.
Among all these ongoing global headwinds & tailwinds, Dalal
Street may focus more on the banks today after sudden surge in stressed assets
amid a mini RBI AQR (NPL belongs to infra/steel/cement/power & telecom
sectors). Although, IIB & Yes banks reported more or less PAT & other
operating parameters as par market expectations, the sudden surge in NPL, even
for a one off single A/C (JP Associates/Jaypee Gr) may be seen as an indication
for incremental rise in corporate NPL even for the new generation private
banks, which are so far apparently insulated from the NPA mess. Yesterday, IMF
again warned that EM as well as India Inc may face significant headwinds for
worsening financials as a result of rising US & other DM protectionism.
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).
SGX-NF
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