Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 26/07/2018

Updated: 10:15

SGX-NF: 11165 (+35; +0.30%)

Expected BNF opening: 27115 (+81; +0.30%)

SPX-500: 2835 (-7; -0.23%)

Fut-I (Key Technical Levels)

Support for NF:

11110/11090*-11055/11035-10980/10915-10880/10855

Resistance to NF:

11210/11230*-11275/11305-11355/11385-11415/11500

Support for BNF:

26900/26750*-26600/26350-26100/26000-25800/25600

Resistance to BNF:

27050/27250*-27455/27675-27785/27935-28150/28300

Support for SPX-500:

2825/2805-2790/2760-2740/2710-2695/2665

Resistance to SPX-500:

2860/2880-2905/2925-2960/3010-3035/3070

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

Technically, Nifty Fut-I (NF) has to sustain over 11210 for a further rally to 11230/11275-11305/11355-11385/11415 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11190 NF may fall to 11110/11090-11055/11035-10980/10915 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27250 for a further rally to 27455/27675-27785/27935-28150/28300 in the near term (under bullish case scenario).

On the flip side, sustaining below 27200 BNF may fall to 27050/26900-26750/26600-26350/26100 in the near term (under bear case scenario).

Technically, SPX-500 has to sustain over 2860 for a further rally to 2880/2905-2925/2960-3010/3035 in the near term (under bullish case scenario).

On the flip side, sustaining below 2850 SPX-500 may fall to 2825/2805-2790/2760-2740/2710 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11134; Q4FY18 EPS: 402; Q4FY18 PE: 27.70; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 26974; Q4FY18 EPS: 519; Q4FY18 PE: 51.97; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2846; TTM Q4-2017 EPS: 111; TTM PE: 25.64

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