Although, UK’s hung Parliament may be a
major disappointment, but the positive side may be “Real Brexit” may not happen
at all; UK may use this poll as a 2nd referendum to remain with EU
Market Mantra: 09/06/2017
(08:30)
SGX-NF: 9665 (-5
points)
For the Day:
Key support for NF: 9660/9605-9560/9530
Key resistance for NF:
9715-9750
Key support for BNF:
23450-23250
Key resistance for
BNF: 23750-23875
As par early SGX indication, Nifty Fut (June) may open around
9665, almost flat following mixed global cues and surprised UK poll results so
far; exit poll is indicating a hung parliament contrary to earlier opinion poll
of a convincing victory for Tories (Theresa May).
Overnight, US market closed almost flat from some earlier loses
after Comey’s congressional testimony shows no major “gun fire”, which market
does not know so far; but we may see more drama for this US political game of
football, even if there is no serious threat of a Trump impeachment as of now.
After the unexpected result from UK, risk trade may suffer in
the short term; but the positive side may be the real Brexit will not happen at
all. But still then, the resultant uncertainty may not be good for the overall
global market sentiment.
Back to home, Indian market may now focus more on the GST
disruption issues.
Hints for actionable trading ideas:
Time & Price
action suggests that, Nifty Fut (May) has to sustain over 9750 area for further
rally towards 9825-9865 & 9930-10050 in the short term (under bullish case
scenario).
On flip side,
sustaining below 9730-9715 area, NF may fall towards 9630/9595-9530 &
9490-9380 area in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 23700 area for further rally towards 23875-24000 & 24100-24150
area in the near term (under bullish case scenario).
On the flip side,
sustaining below 23650 area, BNF may fall towards 23450-23250 &
23050-22950/22750 area in the near term (under bear case scenario).
SGX-NF
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