Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 02/05/2018

Updated: 08:00

SGX-NF: 10750 (-34; -0.32%)

Expected BNF opening: 25555 (-0.35%)

SPX-500: 2648 (-4; -0.15%)

(Gap-down opening on subdued global cues amid concern of a hawkish Fed/multiple rate hikes and report of Muller subpoena probability for Trump-related to the ongoing Russian link investigation)

Fut-I (Key Technical Levels)

Support for NF:

10710*/10680-10640/10590-10550/10490

Resistance to NF:

10800/10840*-10870/10900-10930/10975

Support for BNF:

25400/25150-25000/24800-24700/24550

Resistance to BNF:

25675*/25775-25850/25915-26050/26150

Support for SPX-500:

2630/2610-2595/2575-2550/2525

Resistance to SPX-500:

2665/2685-2705/2730-2750/2765

Technical View (Positional-Nifty, Bank Nifty, SPX-500):

Technically, Nifty Fut-I (NF) has to sustain over 10800 for a further rally towards 10840/10870-10900/10930 in the short term (under bullish case scenario). 

On the flip side, sustaining below 10780 NF may fall towards 10710/10680-10640/10590 in the short term (under bear case scenario).

Technically, Bank Nifty-Fut (BNF) has to sustain over 25675 for a further rally towards 25775/25850-25915/26050 in the near term (under bullish case scenario).

On the flip side, sustaining below 25625, BNF may fall towards 25400/25150-25000/24800 in the near term (under bear case scenario).

Technically, SPX-500 now has to sustain over 2685 for a further rally towards 2705/2730-2750/2765 in the near term (under bullish case scenario).

On the flip side, sustaining below 2665, SPX-500 may fall towards 2630/2610-2595/2575 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 10739; Q3FY18 EPS: 403; Q3FY18 PE: 26.65; Avg FWD PE: 20; Proj FY-18 EPS: 418; Proj Fair Value: 8360

Bank Nifty: 25395; Q3FY18 EPS: 807; Q3FY18 PE: 31.47; Avg FWD PE: 20; Proj FY-18 EPS: 961; Proj Fair Value: 19220

SPX-500: 2655; Q4-2017 EPS: 111; TTM PE: 23.92

SGX-NF

BNF

SPX-500