Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 29/08/2018

Updated: 09.25

Nifty-SGX-NF: 11754 (+2; +0.02%)                

Bank Nifty-BNF: 28333 (+18; +0.08%)

SPX-500: 2904 (+5; +0.17%)

Fut-I (Key Technical Levels)

Support for NF:

11730/11705*-11670/11625-11600/11560-11540/11500

Resistance to NF:

11775/11790*-11815/11845-11900/11970-12175/12305

Support for BNF:

28300/28100*-28000/27825-27640/27400-27250/27100

Resistance to BNF:

28450*/28525-28685/28800-29050/29115-29275/29415

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:

2880*/2860-2845/2830-2810/2800-2790/2770

Resistance to SPX-500:

2910*/2925-2940/2960-2990/3010-3035/3070

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

Technically, Nifty Fut-I (NF) has to sustain over 11790 for a further rally to 11815/11845-11900/11970-12175/12305 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11775 NF may fall to 11730/11705-11670/11625-11600/11560 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 28400-28300 BNF may fall to 28100-28000/27825-27640/27400-27250/27100 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 2910 for a further rally to 2925/2940-2960/2990-3010/3035 in the near term (under bullish case scenario).

On the flip side, sustaining below 2900 SPX-500 may fall to 2880/2860-2845/2830-2810/2800 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11740; Q4FY18 EPS: 402; Q4FY18 PE: 29.20; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 28278; Q4FY18 EPS: 519; Q4FY18 PE: 54.45; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2898; TTM Q4-2017 EPS: 111; TTM PE: 26.11

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