Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 11/09/2018

On Tuesday, the Indian market continues under stress amid pressure on Indian rupee and bonds due to higher oil, widening CAD, fiscal deficit, surging bond yields and growing political and public agony over the issues of higher fuel prices, lower domestic currency and surging imported/domestic inflation, which could have a ripple effect in the forthcoming general election. The USDINR is now eyeing 75-80 levels and caught the attention of global FX traders amid EM currency rout. The RBI as-well-as the government could be helpless in such a situation. 

After Japan, Trump may eye India for his next candidate of trade negotiation. Indian techs and pharma export could be targeted by Trump with an eye on Indian currency, which devalued over 7200% in the last 70 years (since independence-1947).

Updated: 13:30

Nifty-SGX-NF: 11445 (-40; -0.38%)                

Bank Nifty-BNF: 27365 (+30; +0.12%)

SPX-500: 2881 (+1; +0.03%)

Fut-I (Key Technical Levels)

Support for NF:

11425*/11400-11370/11345*-11305/11240-11170/11090

Resistance to NF:

11475/11515*-11535/11580*-11605/11625-11660/11695

Support for BNF:

27200*/26900-26750*/26500-26400/26150-26050/25800

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 11515-11475 NF may fall to 11425/11400-11370/11345-11305/11240 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 27500-27450 BNF may fall to 27200/26900-26750/26500-26400/26150 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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