Tata Motors & Voltas may rally
today after better than expected Q4FY17 report card
Market Mantra: 24/05/2017
(08:30)
SGX-NF: 9410 (+22
points)
For the Day:
Key support for NF: 9395-9360/9330
& 9280/9240
Key resistance for NF:
9455/9475-9515/9535
Key support for BNF:
22450-22300
Key resistance for
BNF: 22675-22775
As par early SGX Indication, Nifty Fut-I may open around 9410,
gap up by 22 points following mixed global cues. Overnight US market closed in
slight positive (+0.22%) supported by optimism over Trump’s overseas tours
& various business deals and strength in oil ahead of OPEC meeting.
Although, US economic data was subdued yesterday, USD got some strength ahead
of FOMC minutes later today and June rate hike expectations.
In the morning, Moody’s downgrade China’s sovereign debt rating
to A1 from Aa3; Outlook revised to Stable from Negative, which has put some
pressure on the CNY & Chinese/Asia-Pacific market; metals may be under
pressure today.
Back To home, as we all know, after yesterday’s official
announcement of the mini surgical strike on PAK LOC by Indian army, domestic
market & INR dragged to some extent. Although, this new surgical attack may
be very small & limited, market may be cautious for high probabilities of
such frequent surgical strike in the future also as strategy of the Indian Govt
under strong political leadership of NAMO may have changed to “attack is the
best defence” rather than defending itself for decades.
Hints for actionable
trading ideas for NF & BNF:
Time & Price
action suggests that, Nifty Fut (May) has to sustain over 9475 area for further
rally towards 9515/9535-9575/9600 & 9680-9770 in the short term (under
bullish case scenario).
On flip side,
sustaining below 9450-9395 area, NF may fall towards 9360/9330-9280 &
9240-9205 area in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 22675 area for further rally towards 22450-22300 & 22050-21800
area in the near term (under bullish case scenario).
On the flip side,
sustaining below 22625 area, BNF may fall towards 22650-22590 & 22450-22300
area in the near term (under bear case scenario).
SGX-NF
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