Market Mantra: 05/05/2017
(08:30)
SGX-NF: 9350 (-31
points)
For the Day:
Key support for NF:
9320-9280
Key resistance for NF:
9400-9475
Key support for BNF:
22675-22525
Key resistance for
BNF: 22800-22950
As par early SGX indication, Nifty-FUT-I may open around 9350,
gap down following muted global cues as a result of slump in oil &
commodities/metals due to concern of supply glut & tepid demand, especially
from China. As a result, US market closed almost flat & off the lows after
passage of Trumpcare in the congress with a thin margin of only 4 votes. But as
par reports, US senate may eventually scrap this version of Trumpcare and
redraft of its own; so nothing of over optimistic here.
China market is also under pressure today due to slump in
metals/iron ore, tepid PMI data and increasing regulatory & PBOC tightening
on securities market & debt. The war on debt by China may result some
capitulation there, being a debt fuelled economy.
Back to home, all eyes today may be on the Govt’s official announcement
of the fine details of the banking regulation amendment & NPA policy. As
most of the points are already known to the market, if there is no surprise, it
may be a sell on facts today for Bank Nifty (as the news may have been already
discounted to a large extent).
Hints for actionable trading idea for NF & BNF:
Time & Price
action suggests that, Nifty Fut (May) has to sustain over 9425 area for further
rally towards 9475-9510 & 9550-9600 in the short term (under bullish case
scenario).
On flip side,
sustaining below 9405-9385 area, NF may fall towards 9320-9280 & 9245-9175
area in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 22850 area for further rally towards 22950-23075 & 23200-23475
area in the near term (under bullish case scenario).
On the flip side,
sustaining below 22800-750 area, BNF may fall towards 22675-22525 &
22400-22200 area in the near term (under bear case scenario).
SGX-NF
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