Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 10/05/2018

Updated: 08:40

SGX-NF: 10777 (+3; -0.01%)

Expected BNF opening: 26150 (+0.05%)

SPX-500: 2701 (+5; +0.18%)

Note: Flat opening on mixed global cues on higher oil amid Iran and Middle-east (Israel) tension. USD/US bond yields under some stress after better-than-expected 10Y Treasury auction on Wednesday. For the Indian market higher oil and higher USD may be a concern for the overall economy. The market will also focus on the fate of the RBI-NPA circular (12^th Feb-1-day NPA norm), Karnataka election and fresh accusation by the US against India at WTO for its rice and wheat subsidy/MSP by the government)

Fut-I (Key Technical Levels)

Support for NF:

10725/10690-10660/10630*-10570/10500

Resistance to NF:

10800*/10840-10875/10935-10975/11055

Support for BNF:

26125/26000-25900/25825*-25750/25600

Resistance to BNF:

26275*/26325-26650/26900-27150/27300

Support for SPX-500:

2675/2660*-2635/2610-2595/2580

Resistance to SPX-500:

2705*/2715-2730/2750-2770/2795

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

Technically, Nifty Fut-I (NF) has to sustain over 10800 for a further rally towards 10840/10875-10935/10975 in the short term (under bullish case scenario). 

On the flip side, sustaining below 10780 NF may fall towards 10725/10690-10660/10630 in the short term (under bear case scenario).

Technically, Bank Nifty-Fut (BNF) has to sustain over 26275 for a further rally towards 26325/26650-26900/27150 in the near term (under bullish case scenario).

On the flip side, sustaining below 26225 BNF may fall towards 26125/26000-25900/25825 in the near term (under bear case scenario).

Technically, SPX-500 now has to sustain over 2715 for a further rally towards 2730/2750-2770/2795 in the near term (under bullish case scenario).

On the flip side, sustaining below 2705, SPX-500 may fall towards 2675/2660-2635/2610 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 10742; Q3FY18 EPS: 403; Q3FY18 PE: 26.66; Avg FWD PE: 20; Proj FY-18 EPS: 418; Proj Fair Value: 8360

Bank Nifty: 26154; Q3FY18 EPS: 807; Q3FY18 PE: 32.41; Avg FWD PE: 20; Proj FY-18 EPS: 961; Proj Fair Value: 19220

SPX-500: 2698; TTM Q4-2017 EPS: 111; TTM PE: 24.31

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