Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 30/08/2018

Updated: 10:05

Nifty-SGX-NF: 11665 (-42; -0.36%)                

Bank Nifty-BNF: 28024 (-227; -0.81%)

SPX-500: 2913 (-2; -0.07%)

Fut-I (Key Technical Levels)

Support for NF:

11650/11595*-11570/11535-11500/11440-11380/11350

Resistance to NF:

11705/11735*-11775/11790-11815/11845-11900/11970

Support for BNF:

28000/27825*-27640/27400-27250/27100-26750/26550

Resistance to BNF:

28150/28350*-28450/28550-28685/28800-29050/29115

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 11735 for a further rally to 11775/11790-11815/11845-11900/11970 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11715 NF may fall to 11650/11595-11570/11535-11500/11440 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 28150 for a further rally to 28350/28450-28550/28685-28800/29050 in the near term (under bullish case scenario).

On the flip side, sustaining below 28100 BNF may fall to 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 2925 for a further rally to 2940/2960-2990/3010-3035/3070 in the near term (under bullish case scenario).

On the flip side, sustaining below 2915-2905 SPX-500 may fall to 2880/2860-2845/2830-2810/2800 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11670; Q4FY18 EPS: 402; Q4FY18 PE: 29.03; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 28055; Q4FY18 EPS: 519; Q4FY18 PE: 54.05; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2914; TTM Q4-2017 EPS: 111; TTM PE: 26.25

Nifty slid in late hours trading Wednesday on higher USDINR and concern of fiscal discipline: 

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