Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 23/08/2018

Updated: 08:50

Nifty-SGX-NF: 11615 (+27; +0.23%)              

Bank Nifty-BNF: 28360 (+70; +0.25%)

SPX-500: 2859 (-3; -0.10%)

Fut-I (Key Technical Levels)

Support for NF:

11600/11570*-11515/11490-11445/11405-11345/11300

Resistance to NF:

11655/11675*-11705/11725-11755/11790-11825/11900

Support for BNF:

28300/28100*-28000/27825-27640/27400-27250/27000

Resistance to BNF:

28450/28525*-28685/28800-29050/29115-29275/29425

Support for USDINR-I:

69.35/69.15*-68.95/68.50-68.15/67.65-67.40/67.00

Resistance to USDINR-I:

69.90/70.35*-70.55/71.00-71.30/71.50-71.75/72.05

Support for SPX-500:

2860/2840*-2830/2810-2800/2790-2770/2735

Resistance to SPX-500:

2880/2890*-2905/2925-2960/3010-3035/3070

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

Technically, Nifty Fut-I (NF) has to sustain over 11675 for a further rally to 11705/11725-11755/11790-11825/11900 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11655-11625 NF may fall to 11600/11570*-11515/11490-11445/11405 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 28450 for a further rally to 28525/28685-28800/29050-29115/29275 in the near term (under bullish case scenario).

On the flip side, sustaining below 28400 BNF may fall to 28300/28100-28000/27825-27640/27400 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 69.35 for a further rally to 69.90/70.35-70.55/71.00-71.30/71.50 in the near term (under bullish case scenario).

On the flip side, sustaining below 69.15, USDINR-I may fall to 68.95/68.50-68.15/67.65-67.40/67.00 in the near term (under bear case scenario).

Technically, SPX-500 has to sustain over 2890 for a further rally to 2905/2925-2960/3010-3035/3070 in the near term (under bullish case scenario).

On the flip side, sustaining below 2880 SPX-500 may fall to 2860/2840-2830/2810-2800/2790 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11571; Q4FY18 EPS: 402; Q4FY18 PE: 28.78; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 28258; Q4FY18 EPS: 519; Q4FY18 PE: 54.45; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2862; TTM Q4-2017 EPS: 111; TTM PE: 25.78

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