Market Wrap: 27/11/2017 (17:00)
NSE-NF (Nov):10423 (+14; +0.13%)
(TTM PE: 26.53; Abv 2-SD of 25; TTM Q1FY18 EPS: 392;
NS: 10400; Avg PE: 20; Proj FY-18 EPS: 418; Proj Fair Value: 8360)
NSE-BNF (Nov):25952 (+110; +0.42%)
(TTM PE: 29.49; Near 3-SD of 30; TTM Q1FY18 EPS:
878; BNS: 25892; Avg PE: 20; Proj FY-18 EPS: 961; Proj Fair Value: 19220)
For 28/11/2017:
Key support for NF:
10340-10290
Key resistance for NF:
10425-10475
Key support for BNF:
25700-25500
Key resistance for BNF: 26000-26100
Trading Idea (Positional):
Technically, Nifty Fut-Nov (NF) has to sustain
over 10475 area for further rally towards 10540-10585 & 10635-10695 zone in
the short term (under bullish case scenario).
On the flip side, sustaining below 10455-10425 area, NF
may fall towards 10340-10290 & 10190-10150 zone in the short term (under
bear case scenario).
Technically, Bank Nifty-Fut (BNF) has to sustain
over 26000 area for further rally towards 26100-26325 & 26400-26675 zone in
the near term (under bullish case scenario).
On the flip side, sustaining below 25950-25875 area,
BNF may fall towards 25700/25600-25450 & 25200-24950 area in the near term
(under bear case scenario).
Indian market (Nifty Fut/India-50) today (27th Nov) closed around 10423,
edged up by almost 14 points (+0.13%), but well off the day low of 10353; market today opened around 10380. Almost 37 points gap down and back to square one to the pre-S&P hype level on Friday amid muted Global/Asian cues and
disappointment over S&P refusal to upgrade India; it looks fragile most of
the days and soon after opening made the day low ahead of EU market opening.
But stable EU cues and some laterecovery in HK market may have also boosted the Indian market sentiment as
it edged up quite smartly from the day low. Market sentiment may have also boosted
by buzz of a higher Q2 GDP ahead of GJ elections; although GDP is slated to
come out around 6.4% vs 5.7% in Q1, some policy makers have indicated for a GDP
of above 7% in 2017 on an average after DeMo & GST blues.
Apart from that, there was pre-budget meeting of capital market
stakeholders with the FM, where they have pitched strongly for deregulation
& exemptions of capital gain tax & STT. Another factor that may have
helped was dual combination of lower USD & Oil; market was very concerned
that if Brent oil sustains above $65 level, then Govt has to roll back the
additional ED imposed earlier to provide relief to the public from surging
gasoline prices.
This will affect fiscal discipline further after muted GST
collection for Oct as figure shows after the market hours. Thus any significant
fall in oil from here will be positive for the Indian economy, which imports almost
80% of its requirement.
Also, reports that BJP/NAMO will win the GJ election quite
convincingly despite DeMo & GST blues and hard work by INC/RAGA may have
boosted the morale of the bulls after S&P disappointment.
Today Nifty was supported by Axis Bank (repayment of part debt
by Essar after sales of BPO business), HDFC Bank, SBI, NTPC, Bharti Infratel,
ZEEL, ONGC, L&T, Kotak Bank & UPL by almost 91 points cumulatively.
Nifty was dragged by Infy, Tata Motors, IOC, ITC, Adani Ports,
HPCL, Bajaj Fin, Indusind Bank, HUL & Tata Steel by around 76 points
altogether.
Overall, Indian market yesterday was helped by banks &
financials, auto, media, property developers, infra, energies while dragged by
FMCG (GST rejig will affect MRP/margin), metals (China woes).
SGX-NF
BNF
USDJPY
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