Technical & Macro Analysis Of Indian & Global Market----: Market Mantra (Nifty Fut/Bank Nifty Fut/USDINR/SPX-500): 07/09/2018

On Friday, the Indian market is being helped by hopes of SEBI-NRI/FPI circular withdrawal/modification, China’s trade war pain (which is India’s gain), and lower oil. But lingering pressure on rupee may also keep the market in check, although RBI may issue NRI bonds for $30-35B to ease pressure on the rupee.

Updated: 13:30

Nifty-SGX-NF: 11590 (+22; +0.20%)

Bank Nifty-BNF: 27482 (-98; -0.36%)

SPX-500: 2877 (-2; -0.07%)

Fut-I (Key Technical Levels)

Support for NF:

11605/11580*-11520/11500-11475/11440-11400/11345

Resistance to NF:

11625/11660-11695/11725-11775/11805-11825/11875

Support for BNF:

27400/27300*-27200/26850-26700/26600-26400/26150

Resistance to BNF:

27700/27850*-28000/28100-28200/28350-28450/28550

Support for USDINR-I:

70.75/70.40-70.10/69.90-69.65/69.35-69.05/68.85

Resistance to USDINR-I:

71.50/71.80-72.00/72.25-72.55/72.75-73.00/73.25

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 11625 for a further rally to 11660/11695-11725/11775-11805/11825 in the near term (under bullish case scenario).

On the flip side, sustaining below 11605-11580 NF may fall to 11520/11500-11475/11440-11400/11345 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27700 for a further rally to 27850/28000-28100/28200-28350/28450 in the near term (under bullish case scenario).

On the flip side, sustaining below 27650 BNF may fall to 27400/27300-27200/26850-26700/26600 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 70.85 for a further rally to 71.50/71.80-72.00/72.25-72.55/72.75 in the near term (under bullish case scenario).

On the flip side, sustaining below 70.75, USDINR-I may fall to 70.40-70.10/69.90-69.65/69.35-69.05/68.85 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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