Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 14/09/2018

On Friday, the Indian market soared on lower USDINR amid lower US dollar index, ease of EM currency jitters after Turkey raised 1-week repo rate more than expected, lower Indian CPI and hopes of some government action to ease pressure on rupee in an economic preview meeting to be chaired by the Indian Prime Minister Modi (on Saturday).

There are various proposals to strengthen rupee (INR), such as NRI bond (Indian version of IMF proxy at times of FX crisis), FCNR window, USD SWAP window for OMC/oil importers to even a pre-emptive RBI rate hike. Some fall in oil is also helping the Indian market coupled with positive global cues amid hopes of US-China trade truce despite ongoing Trump tantrum.

Updated: 13:30

Nifty-SGX-NF: 11525 (+112; +0.98%)             

Bank Nifty-BNF: 27218 (+240; +0.90%)

SPX-500: 2910 (+5; +0.17%)

Fut-I (Key Technical Levels)

Support for NF:

11490*/11475-11450/11425-11370/11330-11295/11265

Resistance to NF:

11550*/11580-11605/11625-11675/11695-11725/1177

Support for BNF:

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

Resistance to BNF:

27300/27400*-27500/27700-27850/28000-28100/28200

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 11550 for a further rally to 11580/11605-11625/11675-11695/11725 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11530 NF may fall to 11490/11475-11450/11425-11370/11330 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27400 for a further rally to 27500/27700-27850/28000-28100/28200 in the near term (under bullish case scenario).

On the flip side, sustaining below 27350-27300 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 2925 for a further rally to 2940/2960 and 2990/3010-3035/3070 in the near term (under bullish case scenario).

On the flip side, sustaining below 2915-2895, SPX-500 may fall to 2880-2860 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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