Nifty May Open In Green Tracking Mixed Global Cues; Indian Market May Face Some Stress Amid Concern Of GST Disruptions, RBI Directive On Banks For Higher IBC Provisions & Ongoing Farm Loan Waiver

Market Mantra: 27/06/2017 (08:30)

SGX-NF: 9615 (+25 points)

For the Day:

Key support for NF: 9560/9530-9495/9450

Key resistance for NF: 9660-9705/9725

Key support for BNF: 23500-23400/23300

Key resistance for BNF: 23825-23900/24000

Time & Price action suggests that, NF has to sustain over 9680 area for further rally towards 9705/9725-9775 & 9825-9865 in the short term (under bullish case scenario).

On flip side, sustaining below 9660 area, NF may fall towards 9580/9560-9530 & 9495-9450 area in the short term (under bear case scenario).

Similarly, BNF has to sustain over 23825 area for further rally towards 23900-24000 & 24115-24250 area in the near term (under bullish case scenario).

On the flip side, sustaining below 23775-23600 area, BNF may fall towards 23500-23400 & 23300-23200 area in the near term (under bear case scenario).

As par early SGX indication, Nifty Fut (June) may open around 9615, almost 25 points up tracking mixed global cues. Overnight/weekend US market (DJ-30) was mixed amid some rebound in oil (talk of an impending geo-political tensions in GCC/Qatar/Saudi/Iran & Syria issues), banks (Italian bail out for two regional failed banks & prospect of higher NIM for US banks and hopes of some relief in Dodd Franck rules); tech shares were under pressure yesterday after brief rally on Friday following renewed concern of Trump’s visa rule.

Back to home, Indian market may be under stress on concern of GST disruptions and an unexpected RBI directive on weekend to Banks for requirement of higher provisions for the IBC NPA cases and ongoing farm loan waiver; this time from MH for Rs.34000 cr (approx).

NF