Market
Mantra: 03/07/2017 (08:30)
SGX-NF:
9510 (-5 points)
For
the Day:
Key support for NF:
9495/9440-9395/9335
Key resistance for NF:
9540/9600-9670/9725
Key support for BNF:
23000-22800
Key resistance for
BNF: 23350-23550
Time & Price
action suggests that, NF has to sustain over 9615 area for further rally
towards 9670-9725 & 9775-9865 in the short term (under bullish case
scenario).
On the flip side,
sustaining below 9600-9560 area, NF may fall towards 9495/9440-9395/9335 area
in the short term (under bear case scenario).
Similarly, BNF has to
sustain over 23350 area for further rally towards 23550-23750 & 23850-24000
area in the near term (under bullish case scenario).
On the flip side,
sustaining below 23300 area, BNF may fall towards 23100/23000-22800 &
22450-22300 area in the near term (under bear case scenario).
As
par early SGX indication, Nifty Fut (July) may open around 9510, almost flat
following mixed global cues. Overnight, on Friday US market (DJ-30) closed in
positive (+0.29%) amid mixed US economic data, QTR re-balancing of portfolio,
concern of QT and supported by banks.
In
the morning Asian session, upbeat China & Japan Mfg PMI data is also
supporting the risk-on sentiment.
Back to home, as Indian market may
gauze the impact of GST implementation on the economy for both short & long
term, one point may be that most of the SMES & informal sector
may be under severe stress due to higher compliance costs of GST under the
present complex format & their business model may have to transform;
otherwise they may eventually shut down. This may have ripple effect on India’s
growth & consumption story in years ahead, unless present GST model is
modified to look into their concern. SME focus Banks may be also under further
NPA stress in the days ahead.
For consultation & advisory (paid mode):
https://t.me/joinchat/EGOLCEReY2eYFuFuWIJ7IQ
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