Technical & Macro Analysis Of Indian & Global Market----: Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 10/09/2018

On Monday, the Indian market slumped by plunging rupee (INR) on lingering concern about the current account deficit, Trump trade rhetorics on China as-well-as India coupled with Moody’s warning for a weaker rupee for India’s corporate, although the overall corporate impact may be limited. USDINR soared despite talk of NRI bonds and issue of FPIs resolved (SEBI circular). The dual combination of a falling rupee and higher oil is proving lethal for the Indian economy and the market.

Updated: 12:30

Nifty-SGX-NF: 11490 (-143; -1.22%)

Bank Nifty-BNF: 27295 (-295; -1.10%)

SPX-500: 2878 (+3; +0.10%)

Fut-I (Key Technical Levels)

Support for NF:

11460/11425*-11400/11370-11345/11305-11240/11170

Resistance to NF:

11535/11580*-11605/11625-11660/11695-11725/11775

Support for BNF:

27300/27200*-26950/26850-26700/26600-26400/26150

Resistance to BNF:

27500/27700*-27850/28000-28100/28200-28350/28450

Support for USDINR-I:

72.00/71.50-71.00/70.40-70.10/69.85/69.15

Resistance to USDINR-I:

72.55/72.85-73.00/73.25-74.45/75.65-77.45/79.70

Support for SPX-500:

2880*/2860-2835/2800-2790/2770-2745/2700

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 11535 for a further rally to 11580/11605-11625/11660-11695/11725 in the near term (under bullish case scenario).

On the flip side, sustaining below 11515 NF may fall to 11460/11425-11400/11370-11345/11305 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27550 for a further rally to 27700/27850-28000/28100-28200/28350 in the near term (under bullish case scenario).

On the flip side, sustaining below 27500 BNF may fall to 27300/27200-26950/26850-26700/26600 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 72.00 for a further rally to 72.55/72.85-73.00/73.25-74.45/75.65 in the near term (under bullish case scenario).

On the flip side, sustaining below 71.50, USDINR-I may fall to 71.00/70.40-70.10/69.85/69.15 in the near term (under bear case scenario).

Technically, SPX-500 has to sustain over SPX-500 has to sustain over 2910 for a further rally to 2925 and only sustaining above 2925, SPX-500 could further rally to 2940/2960 and 2990/3010-3035/3070 in the near term (under bullish case scenario).

On the flip side, sustaining below 2895-2880, SPX-500 may fall to 2860 and only sustaining below 2860, SPX-500 could further fall to 2835/2800-2790/2770 and 2745-2700 in the near term (under bear case scenario).

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