Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 17/07/2018

Updated: 08:55

SGX-NF: 10940 (-7; -0.06%)

Expected BNF opening: 26695 (-27; -0.10%)

SPX-500: 2797 (+1; +0.03%)

Fut-I (Key Technical Levels)

Support for NF:

10905/10870*-10830/10780-10730/10715-10670/10640

Resistance to NF:

10960/10980-11000/11040*-11075/11095-11115/11150

Support for BNF:

26650/26500*-26300/26200-26050/25950-25750/25600

Resistance to BNF:

26850/26950*-27050/27200-27300*/27455-27675/27800

Support for SPX-500:

2795*/2770-2740/2720-2700/2700-2690/2670

Resistance to SPX-500:

2810*/2835-2855/2880-2905/2925-2960/3010

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

Technically, Nifty Fut-I (NF) has to sustain over 11040 for a further rally to 11075/11095-11115/11150-11190/11230 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11020-10980/10960 NF may fall to 10905/10870-10830/10780-10730/10715 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27050 for a further rally to 27200/27300-27455/27675-27800/27925 in the near term (under bullish case scenario).

On the flip side, sustaining below 27000-26850 BNF may fall to 26650/26500-26300/26200-26050/25950 in the near term (under bear case scenario).

Technically, SPX-500 now has to sustain over 2810 for a further rally to 2835/2855-2880/2905-2925/2960 in the near term (under bullish case scenario).

On the flip side, sustaining below 2795 SPX-500 may fall to 2770/2740-2720/2700-2700-2690/2670 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 10937; Q4FY18 EPS: 402; Q4FY18 PE: 27.21; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 26680; Q4FY18 EPS: 519; Q4FY18 PE: 51.41; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2801; TTM Q4-2017 EPS: 111; TTM PE: 25.23

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