Nifty plunged early Wednesday on subdued global cues amid Trump’s Fed salvo, but recovered on hopes of NBFC/HFC liquidity resolution

The Indian market (Nifty Fut/India-50) closed around 10760, surged by almost +0.73% (+78) in a holiday-thinned market on hopes of NBFC/HFC liquidity issue resolution. The market recovery was led by HDFC twins amid a report that a delegation of NBFCs and HFCs are meeting with the PM Modi under ASSOCHAM banner. Earlier, the Indian market plunged by almost -1.35% (-146.00) to a low of 10536.40 on subdued global cues amid Trump’s Fed salvo and as and as Mnuchin calls bankers and prepares “plunge protection team”.

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Technical View (Nifty, Bank Nifty, USDINR-I):

Technically, Nifty Fut-I (NF) has to sustain over 10800 for a further rally to 10850*/10890-10930/10975 and 11025/11050*-11085/11130 in the near term (under bear case scenario).

On the flip side, sustaining below 10775, NF may further fall to 10715/10665-10580/10540* and 10500/10350*-10250/10200 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27100 for a further rally to 27150/27425-27525*/27625 and 27785/27875-27945/28175 in the near term (under bullish case scenario).

On the flip side, sustaining below 27050-27000, BNF may again fall to 26890/26700-265550/26450 and 26300/26150-26000/25700 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 69.70 for a further rally to 70.50/70.95*-71.25/71.75 and 72.60*/73.00-73.70/74.25 in the near term (under bullish case scenario).

On the flip side, sustaining below 69.50, USDINR-I may fall to 69.15*/68.50-68.25/68.00 and 67.80/67.00-66.70/66.40 in the near term (under bear case scenario).

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Nifty slumped early Thursday on terrible global cues after less dovish hike by the Fed

The Indian market (Nifty Fut/India-50) is currently trading around 10910 early Thursday, slumped by almost -0.70% (-75) on terrible global cues after less dovish hike by Fed as it set to hike further twice in 2019 against market expectation of no hike or only one hike and will also not alter its B/S tapering pace in any way. As highly expected, the US Fed has hiked Wednesday unanimously its benchmark interest rate by +0.25% to +2.50% but predicted 2 more hikes in 2019 in its latest Dec dot-plots against 3 hikes in the Sep dot-plots.

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Technical View (Nifty, Bank Nifty, USDINR-I):

Technically, Nifty Fut-I (NF) has to sustain over 11025-11050 for a further rally to 11085*/11130-11235/11275 and 11315/11405-11435*/11495 in the near term (under bullish case scenario). 

On the flip side, sustaining below 11000-10985, NF may further fall to 10910/10870-10845/10790 and 10740/10725-10700/10650 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 27550 for a further rally to 27625/27785-27945/28175 and 28400/28475-28550/28800 in the near term (under bullish case scenario).

On the flip side, sustaining below 27500-27425/27380, BNF may fall to 27100/26900-26750/26550 and 26450/26300-26200/26000 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 69.80 for a further rally to 70.75/71.25-71.75/72.60* and 73.30/73.70-74.05/74.85* in the near term (under bullish case scenario).

On the flip side, sustaining below 69.30, USDINR-I may fall to 69.00/68.50-68.25/68.00 and 67.80/67.00-66.70/66.40 in the near term (under bear case scenario).

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Nifty surged early Wednesday on hopes of a dovish monetary policy by the newly appointed RBI Governor Das

The Indian market (Nifty Fut/India-50) is currently trading around 10670 early Wednesday, surged by almost +0.85% (+88) on hopes of a dovish monetary policy by the newly appointed RBI Governor Das. The market is expecting revert to the earlier “neutral” mode from the present “calibrated tightening” by the RBI under the new Governor and a cut in SLR and CRR to enhance system (banking) liquidity. The 10Y Indian bond yield tumbled to 7.42% on hopes for a dovish RBI in the days ahead under the new RBI governor.

For more: https://www.iforex.in/news/nifty-surged-early-wednesday-hopes-dovish-monetary-policy-newly-appointed-rbi-governor-das-60427

More:https://www.iforex.in/news/nifty-stumbled-early-tuesday-patelexit-higher-usdinr-recovered-better-expected-election-outcome-mp-bjp-60387

Technical View (Nifty, Bank Nifty, USDINR-I):

Technically, Nifty Fut-I (NF) has to sustain over 10725 for a further rally to 10765/10785*-10805/10885 and 10915/10975-11025*/11085 in the near term (under bullish case scenario). 

On the flip side, sustaining below 10705-10650, NF may fall to 10600-10575 and 10525/10500*-10435/10400 and 10375/10350-10300*/10250 and further 10200/10180-10050/10000 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 26600 for a further rally to 26715/26775*-26900/27075* and 27200/27350-27550/28000 in the near term (under bullish case scenario).

On the flip side, sustaining below 26550-26400 BNF may fall to 26200/26100*-25950/25650* and 25400/25200-25000/24650 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 71.75 for a further rally to 72.20/72.65*-73.05/73.35 and 73.75/74.00-74.45/74.75* in the near term (under bullish case scenario).

On the flip side, sustaining below 71.25 USDINR-I may fall to 70.90/70.40-70.00/69.75 and 69.30*/68.80-68.50/68.00 in the near term (under bear case scenario).

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Nifty tumbled early Wednesday on terrible global cues; all eyes will be now on the RBI for a dovish hold

The Indian market (Nifty Fut/India-50) is currently trading around 10825 early Wednesday, tumbled by almost -0.75% (-80) on terrible global cues as Dow plunged almost 800 points overnight amid confusions over US-China trade truce and bond yield inversion, indicating a possible slowdown in the US economy down the year. The Indian market is also under stress on a rebound in USD and oil.

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Technical View (Nifty, Bank Nifty, USDINR-I):

Technically, Nifty Fut-I (NF) has to sustain over 10905 for a further rally to 10935/10995*-11025/11085 and 11130/11165-11235/11295 in the near term (under bullish case scenario). 

On the flip side, sustaining below 10885 NF may fall to 10805/10785*-10705/10675 and 10625/10595-10550/10500 in the near term (under bear case scenario).

Technically, Bank Nifty Fut-I (BNF) has to sustain over 26775 for a further rally to 26875/27075*-27200/27350 and 27550/27750-28000/28150 in the near term (under bullish case scenario).

On the flip side, sustaining below 26725 BNF may fall to 26600/26500*-26300/26050 and 25850/25700- 25400/25250 in the near term (under bear case scenario).

Technically, USDINR-I has to sustain over 70.25 for a further rally to 70.90*/71.15-71.85*/72.20 and 72.75/73.05-73.35/73.75 in the near term (under bullish case scenario).

On the flip side, sustaining below 70.00, USDINR-I may fall to 69.45*/69.30-68.95*/68.50 and 68.25/67.65-67.20/66.95 in the near term (under bear case scenario).

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