Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 23/07/2018

Updated: 09:30

SGX-NF: 11050 (+20; +0.18%)

Expected BNF opening: 26985 (+55; +0.20%)

SPX-500: 2796 (-4; -0.16%)

Fut-I (Key Technical Levels)

Support for NF:

10990/10950*-10915/10880-10855/10825-10750/10710

Resistance to NF:

11095/11115*-11150/11190-11230/11275-11305/11355

Support for BNF:

26900/26750*-26550/26400-26300/26100-26000/25800

Resistance to BNF:

27050/27150*-27250/27455-27675/27785-27935/28100

Support for SPX-500:

2805/2790*-2765/2750-2730/2705-2685/2670

Resistance to SPX-500:

2820/2835*-2855/2880-2905/2925-2960/3010

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

Technically, Nifty Fut-I (NF) has to sustain over 11115 for a further rally to 11150/11190-11230/11275-11305/11355 in the near term (under bullish case scenario). 

On the flip side, sustaining below 111095-11065 NF may fall to 10990/10950-10915/10880-10855/10825 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27150 for a further rally to 27250/27455-27675/27785-27935/28100 in the near term (under bullish case scenario).

On the flip side, sustaining below 27100-27050 BNF may fall to 26900/26750-26550/26400-26300/26100 in the near term (under bear case scenario).

Technically, SPX-500 has to sustain over 2835 for a further rally to 2855/2880-2905/2925-2960/3010 in the near term (under bullish case scenario).

On the flip side, sustaining below 2820 SPX-500 may fall to 2805/2790-2765/2750-2730/2705 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11010; Q4FY18 EPS: 402; Q4FY18 PE: 27.39; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 26875; Q4FY18 EPS: 519; Q4FY18 PE: 51.78; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2802; TTM Q4-2017 EPS: 111; TTM PE: 25.26

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