Friday, 9 June 2017

Nifty May Open Almost Flat Tracking Mixed Global Cues After Comey’s “Dull” Testimony And UK’s Destination Of Hung Parliament

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).


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