Market Mantra (Nifty Fut/Bank Nifty Fut/SPX-500): 09/08/2018

Updated: 09:00

SGX-NF: 11485 (+14; +0.12%)                      

Expected BNF opening: 28185 (+45; +0.15%)

SPX-500: 2858 (+2; +0.09%)

Fut-I (Key Technical Levels)

Support for NF:

11475/11430*-11400/11360-11315/11285-11225/11175

Resistance to NF:

11510/11550*-11585/11605-11665/11695-11725/11790

Support for BNF:

28000*/27900-27825/27700-27500/27300-27150/27000

Resistance to BNF:

28200*/28300-28450/28525-28685/28800-29100/29475

Support for SPX-500:

2850/2830*-2815/2790-2760/2740-2710/2695

Resistance to SPX-500:

2865/2880*-2905/2925-2960/3010-3035/3070

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

Technically, Nifty Fut-I (NF) has to sustain over 11510 for a further rally to 11550/11585-11605/11665-11695/11725 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11495-11475 NF may fall to 11430/11400-11360/11315-11285/11225 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 28200 for a further rally to 28300/28450-28525/28685-28800/29100 in the near term (under bullish case scenario).

On the flip side, sustaining below 28150 BNF may fall to 28000/27900-27825/27700-27500/27300 in the near term (under bear case scenario).

Technically, SPX-500 has to sustain over 2865 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 2830/2815-2790/2760-2740/2710 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 11450; Q4FY18 EPS: 402; Q4FY18 PE: 28.48; Avg FWD PE: 20; Proj FY-19 EPS: 425; Proj Fair Value: 8500

Bank Nifty: 28062; Q4FY18 EPS: 519; Q4FY18 PE: 54.07; Avg FWD PE: 20; Proj FY-19 EPS: 961; Proj Fair Value: 19220

SPX-500: 2858; TTM Q4-2017 EPS: 111; TTM PE: 25.75

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