Market Mantra: 04/05/2017
(08:30)
SGX-NF: 9335 (+19
points)
For the Day:
Key support for NF:
9295-9255
Key resistance for NF:
9400-9475
Key support for BNF:
22525-22425
Key resistance for
BNF: 22800-22950
As par early SGX indication, Nifty Fut-I may open around 9335, slightly
in green following a better than expected win for the centrist candidate
(Macron) in the French election and a local election win for Merkel’s party in
Germany. But, Macron now need to have majority in the France parliament by June
and along with that some unconfirmed news of corruption investigation (?)
against Macron may be putting some pressure on the “risk on” rally at the
moment after some initial early euphoria. Also, the factor of Macron win may
have been already discounted by the market after his 1st round win
and subsequent series of opinion polls; so no great surprise here; but better
margin of win is somehow positive.
Back to home, Indian market may also focus on the ongoing NPA
reforms/ordinance fine prints; but so far at a glance it may not pose any
significance difference in the near term, considering it as an advisory model
with multilayer policy committees. It may also aggravate bank’s permanent write
offs (complete waive offs).
Hints for actionable
trading ideas 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 9335-9295 & 9255-9170
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 &
22425-22200 area in the near term (under bear case scenario).
SGX-NF
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