Market Mantra: 17/05/2017
(08:30)
SGX-NF: 9510 (-9
points)
For the Day:
Key support for NF:
9495/9460-9425/9395
Key resistance for NF:
9535-9580/9600
Key support for BNF:
22925-22825
Key resistance for
BNF: 23000-23075
TATA STEEL (LTP: 457):
Mixed Q4FY17 report
card; most of the positives for better than expected EBITDA may be exceptional
for Q4; high debt & huge pension liability may be some of the headwinds for
its ongoing deleveraging effort;
technically, has to sustain over 465-475 area for any further rally; otherwise
may come down towards 442-425 area.
PNB (LTP: 174): Mixed Q4 report
card; has to sustain over 180-185 area for any further rally; otherwise may
come down towards 160-150 area.
As
par early SGX indication, Nifty Fut-I may open around 9510, slightly in gap
down following tepid global cues amid US political chaos and a spate of softer
economic data. US stock Futs are down after report that Trump has instructed
his former sacked FBI director to not proceed further into alleged Russian
links of one his close aide (former NSA). All these ongoing political drama may
be serious or may not be, but one thing is clear that it’s enough to distract
the core theme of Trumponomics itself. As a result, USD/US bond yields are
drifting lower and USDJPY is trading below the 113-112.50 area for further “risk
off” mode.
Back
to home, after yesterday’s market celebration on the 3rd anniversary
of “Modinomics”, market may consolidate for some days amid mix Q4FY17 report
card so far and probability of a GST disruption in the months ahead, with just
45 days left for its implementation and the whole rules & regulations are
still in the draft mode; all the stakeholders now has to work 24/7 for its implementation
from 1st July (??).
Hints for actionable
trading ideas for NF & BNF:
Time & Price
action suggests that, Nifty Fut (May) has to sustain over 9600 area for further
rally towards 9640-9680 & 9770-9865 in the short term (under bullish case
scenario).
On flip side,
sustaining below 9580-9560 area, NF may fall towards 9495/9460-9425 & 9395-9340
area in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 23000 area for further rally towards 23075-23200 & 23325-23450
area in the near term (under bullish case scenario).
On the flip side,
sustaining below 22950 area, BNF may fall towards 22825-22720 & 22600-22400
area in the near term (under bear case scenario).
SGX-NF
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