Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 02/07/2018

Updated: 08:55

SGX-NF: 10675 (-33;-0.31%)

Expected BNF opening: 26240 (-92; -0.35%)

SPX-500: 2720 (-2; -0.07%)

Fut-I (Key Technical Levels)

Support for NF:

10670/10650*-10580/10550-10525/10490-10440/10405

Resistance to NF:

10715/10735*-10785/10805-10825/10880-10905/10955

Support for BNF:

26300/26200*-26050/25900-25700/25550-25400/25100

Resistance to BNF:

26575/26650*-26850/26950-27050/27150-27250/27500

Support for SPX-500:

2710/2700-2690*/2670-2635/2605-2590/2575

Resistance to SPX-500:

2750*/2770-2795/2810-2835/2855-2880/2905

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

Technically, Nifty Fut-I (NF) has to sustain over 10735 for a further rally to 10785/10805-10825/10880-10905/10955 in the near term (under bullish case scenario). 

On the flip side, sustaining below 10715 NF may fall to 10670/10650*-10580/10550-10525/10490 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 26575 for a further rally to 26650/26850-26950/27050-27150/27250 in the near term (under bullish case scenario).

On the flip side, sustaining below 26525-26475 BNF may fall to 26300/26200-26050/25900-25700/25550 in the near term (under bear case scenario).

Technically, SPX-500 now has to sustain over 2750 for a further rally to 2770/2795-2810/2835-2855/2880 in the near term (under bullish case scenario).

On the flip side, sustaining below 2740 SPX-500 may fall to 2710/2700-2690/2670-2635/2605 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 10714; Q4FY18 EPS: 395; Q4FY18 PE: 27.12; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 26364; Q4FY18 EPS: 766; Q3FY18 PE: 34.42; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2718; TTM Q4-2017 EPS: 111; TTM PE: 24.49

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