Nifty Tanks By Almost 2% On "Surgical Strike" By India On POK "Terror Hubs"

Nifty Fut (Sep) today closed around 8591 (-1.92%) after making an opening high of 8802 and session low of 8562; overall Nifty closed almost flat for the Sep exp series.

Looking at the chart, price action suggest that for tomorrow (30/09/2016), Nifty Fut-Oct (CMP: 8644) has to sustain over 8573-8535* area; otherwise, NF may fall further towards 8470-8405*-8350 and 8310/8270*-8205/8185-8145/8025 zone in the immediate to short term.

On the other side, for any strength, NF need to sustain over 8655-8685* area for target of 8725-8785/8805-8845/65* and 8905/35-8975/95*-9025/75 zone in the immediate to short term.

Today, Indian market opened in a positive note supported by global cues amid OPEC announcement in oil production cut; but later succumbed by the official confirmation of surgical strike by the Indian Army into the POK terror hubs.

Yesterday, OPEC announced some production cut which will be effective from Nov after some finer tuning for the overall mechanism for this cut by OPEC countries. 

Although, there may be significant doubt about the effectiveness of this OPEC agreement in the long term on the dynamics of supply & demand, a rally of oil above 55-60$ may be negative for oil consuming country like India.  

Technically, Crude has to sustain over $47-52 for further rally towards $65-75 zone.

A strong oil may be good for ONGC/Cairn and partially for RIL, but it will be negative for overall macros of Indian economy as inflation and CAD may surge, which may also force RBI to take a hawkish outlook going forward.

Yesterday's Yellen and Draghi testimony offered nothing new and from the overall statements of various Fed members it seems that, if there are no unexpected geo-political shocks, Fed will hike in Dec.

For the last few days, Deutcshe Bank (DB) news flow was affecting the global as well as Indian mkt. As par some reports, DB has sold one of its EU insurance arm and German Govt may bail out it for the huge fine of $14 bln imposed by the UD-DOJ. DB is viewing as too big to fall and a systemic risk. Although, German Govt and the DB CEO officially denied the bailout rumour, it's hard to believe that DB will be allowed to sink and thus global market had a sigh of relief.

Back to the Indian market, the surgical strike by India on the Pak/POK terror hubs along the LOC in response of the Uri terrorist attack surprised the Indian market & soured the sentiment significantly and the market tanked. 

Though such surgical strike was not at all unexpected amid warmongering media hypes, market was relieved by some extent for the last few days, keeping in view various counter diplomatic measures taken by the Indian Govt. 

But the sudden strike by the Indian Army into the POK, may be further escalated into a full blown military conflict and possibilities of various types of terrorist attacks in India in the forthcoming festival season. In the previous Kargil war, Nifty lost almost 10% for the Geo-Political tension.

After initial panic selling, Nifty recovered smartly almost by 100 points as the finance ministry assured that the present surgical strike being a decisive one will be helpful for the market. But, later in the last half an hour, Nifty again sold off as news of border area in Punjab being evacuated came in.

Today there was record turn over in the market to the tune of almost Rs.11 lac cr; but a major portion of the same was a result of RMS compliance action because of excessive leveraged positions by the retail & HNIS. 

When there is any panic in the market, traders/investors may watch technical levels more closely and that suggests that one should watch the 8535-8685 area in NF for a meaningful price action in the days ahead until dust settles.

If it’s only "war of words" in lieu of "war of bullets", then Nifty may give some sharp buying momentum ; otherwise expect 8000 level in the coming days.

To dismantle the so called vast terror hubs along the Pak/POK LOC, one surgical strike is not enough, in which 35-40 terrorists & 9 Pak soldiers were killed. If Indian Govt is really serious, then it has to strike repeatedly. But the overall tone of the DGMO & the Govt seems to be quite defensive after the official announcement of this US-Laden Style "surgical strike" (Indian Govt is not interested for further surgical strike).

By this "one & off" surgical strike, Govt may tried to pacify the growing anger of the Indian people against Pak sponsored terrorism with an eye to the forthcoming state elections (UP, Punjab). Np doubt, NAMO's popularity and approval ratings will rise, which may help the poll prospect in the coming series of state elections as well as the 2019 general election. After the initial shock, market may began to discount a strong NDA/BJP led Govt having both LS & RS majority (positive for the market).

But all will depend upon Pak's response and any retaliation by Pak army or escalation of terror activities in different parts of India in the coming months may make the FPIS nervous and we may see huge capital outflow from Indian market as well.

As a failed state and economy, by escalating this geo-political tensions, Pak has nothing to loose, but India may loose significantly. 

As par some reports, China has substantial interest in the CPEC (China Pak Economic Corridor) to promote its business/interests and investing huge amount for creation of infrastructures in the POK region. China virtually now controls/invests in a major portion of Pak's economy in lieu of the CPEC access. So, in case of any serious military conflict in the region, China may also be directly or indirectly involved with it. 

Thus, China & US will ensure that there will be no serious conflicts between India & Pak unlike Kargil. 

But considering the growing domestic pressure in Pak, it may be bound to take some retaliatory action in the coming days; although Pak army is maintaining that it was not a "surgical strike" at all, but just one of a frequent cross border firing with Indian army, in which its (Pak) two army were killed. (Latest update: Pak army is claiming that 9 Indian soldiers were killed and 1 soldier captured live; but Indian army is maintaining that no one was killed and one soldier has inadvertently crossed the other side of the LOC/Border). Thus as of now, it seems to be more "war of words" rather than any serious conflicts between the two nuclear nations.

Update: Global markets

EU banking fears are again making the global market as "risk aversion" despite some rally in Oil. Some derivative traders/hedge funds are withdrawing cash from the DB and the bank may be in the process of selling more of its non-core assets (like Tradeweb stake). Also its not only DB, some of the other big EU banks may be under immense stress (like Commerz Bank-CB)  for the NIRP of the ECB.

Also, there are some reports that Saudia Arabia is also not in good shape following Oil's crash in the last one year and it's SWF may also sell the US TSY, apparently for the proposed 9/11 sues by the US Govt.

SGX-NIFTY

Nifty Snapped 3 Day Losing Steak Amid FNO Short Covering And Positive Global Cues Aided By DB Ahead Of Yellen & Draghi Testimony

Nifty Fut (Sep) today closed around 8759 after making an opening session low of 8706 and session high of 8784. 

In the last hour of trading NF retraced to some extent as global sentiment was somehow affected again for the Deutsche Bank (DB) news flow (German Govt may take stake of DB in extreme situation; but it was not officially confirmed and both Germany & the DB CEO denied it).

Technically, for tomorrow (29/06/2016), NF/NS has to sustain over 8785-8805* zone for target of 8825-8885*-8905/25 area.

On the downside, sustain below 8755-15* area, NF may fall towards 8685/65*-8635-8585/35 zone.

Global cues were somehow supportive today after market digested yesterday’s 1-st round duet of Clinton & Trump. It was also supported by some rebound in oil (above expected/favourable API inventory data & hopes of production freeze in the OPEC meet) and news of DB; although USDJPY was under pressure because of falling JGB yields despite BOJ’s jawboning. It seems that BOJ is now looking desperately for the Fed’s Dec rate hike probability and may not intervene too much until USDJPY fall around 95 levels. A stronger USD because of rate hike notion can prevent the JPY for getting more strength as of now.

In the absence of any meaningful economic data, all eyes will be on the Yellen & Draghi testimony today. Yellen may be under great pressure from the ongoing US presidential debate as Trump described Fed as "political" and kept the interest ultra low for political benefit rather than any economic rationale. So, Yellen may face some tough questions about monetary policy and that may affect USD and the “risk trade”. There are also a slew of Fed speakers (jokers ??), scheduled to speak today (ongoing verbal intervention script by Fed until Dec'16).

Although, Clinton is much ahead in the 1-st debates as a much more prepared & composed speaker than Trump, it may not affect the core support base of the later because of various reasons. 

Thus, the debate rally may not last long in this ongoing US political war.

Back to the Indian market, it saw some short covering after 3 days of fall ahead of FNO expiry tomorrow. 

Going ahead, apart from the global cues, market may focus on the RBI meet on 4-th Oct (although rate cut chance may be very this time, all eyes will be on the tone of the new RBI Gov and any chance of Dec rate cut), progress of GST on the ground (as par FM’s statement yesterday, April’17 roll out probability is still alive) and Q2FY17 result season.

Looking forward, Indian market may be supported by lower trajectory of inflation, hopes of revival of earnings in Q2 (in Q1, Nifty EPS YOY growth was only around 3%), incremental reforms by the Govt, better consumer spending by both urban & rural economy as a result of 7-CPC and good monsoon this year. 

But pain of twin balance sheet issues & demographic dividends may also be one of the biggest headwinds for Indian economy. As par some estimates, nearly 1 lac people are entering job market now in India every month (huge population & demographic issues); but very few appropriate jobs are being created either by the Govt or Private sector despite GDP is growing around 7-8%. So, lack of proper employment and stable income may be one of the issues in the coming 2019 general election, until Govt is able to do something decent about it.

Also, global jitters (US election, Fed rate hike, China & EU credit concern etc) may be a risk in the near term. As par some reports, in H2FY17, Govt may spend less capex (by around 35%) for infra as a result of 7-CPC related budget constraint.

Today Nifty was supported by Tata Steel (extension of MIP buzz on some steel products), Bharti Airtel (report of affordable international roaming pack and some relief from the ongoing tussle with R-JIO), SBI and Bhel.

Nifty was dragged by RIL, Coal India (buy back offer rate below market expectation at 335), HUL & Wipro.

 

NSE-NIFTY FUT

Nifty Turns Lower As Global Rally Led By Clinton Debate Cheer Fades Amid Renewed Concern About DB

Nifty Fut (Sep) today closed around 8730 (-0.06%) after making an opening session high of 8776 and late day low of 8898 amid last minutes short covering.

Technically, for tomorrow (28/09/2016), NF need to sustain above 8715-8695 zone; otherwise it may fall towards 8665/40*-8585/30-8495/30 area in the immediate to short term.

On the other side, for any meaningful strength, NF need to sustain above 8760-80 area for target of 8805/25*-8885-8925/95 zone in the immediate to short term.

Overall, sustaining below 8665 area, NF will be weak and may fall towards 8530 zone and sustaining above 8805 area, NF will be strong and may further rally towards 8995 area in the near term.

Today Indian market opened gap up following initial rally in the global markets after Clinton emerged as clear winner in the much awaited 1-st US Presidential debate. 

Although, there was no official declaration about the debate winner, the rally in Mexican currency (MXN-Peso) against USD confirmed this. Trump is being seen as against free trade (NAFTA) and has an idea of even building an wall on the US-Mexico border to prevent unauthorized immigration and free trade !! 

For the last few days, because of these types of tough talks by Trump, MXN was slumped significantly and today's rally may confirm some relief from the "Trump Jitters".

But, although probability of Clinton being the next US President is getting higher after the 1-st round of debate, there are two rounds more and its not clear about the partisan nature of the undecided voters after this debate. It appears from the debate that Clinton is much more prepared and composed for this debate, whereas Trump appeared sometimes as blunt. 

Though as an experienced politician Clinton is no doubt a better speaker, but Trump is basically speaking the language of the common man on the real street/economy and  working on the ground level & covering more electorates than Clinton. 

Thus, whatever be the outcome of the debate, its may be a very close fight this time and because of the populist & unpredictable style of Trump, market is worrying to some extent.

Oil was another factor for the global risk aversion today so far, just before tomorrow's vital OPEC meeting. Saudi Arabia/Iran & Russia are now less hopeful for any production freeze/cut.

Also, there was some concern for the Deutsche Bank (DB) as the scrip dropped by around 3% today after yesterday's 7% fall. With this the scrip lost almost 60% in 2016 as there is some serious liquidity concern & default fear going on among the market participants. Apart from the recent US-DOJ fine of $14 bln, the bank is also suspected for a huge derivative exposoure, much like of the Lehman Brothers. As par some reports, Germany may not bail out DB this time as this may be an exemplary event in the EU universe and many more banks may pop up (like Monte Parche of Italy). But eventually, DB may also be categorized as "too big to fall" and will be bailed out.

As there was virtually no meaningful global economic news, global as well as the Indian market was mainly dominated by the US Politics & the uncertainty about the outcome of the Nov election. 

Market is not prepared for any "Trumpism" at this point of time and at the same time a Clinton win will virtually ensure the Dec Fed rate hike. 

Thus, it may be a type of catch-22 situation going ahead along with some other global headwinds like "Real Brexit", Dec-4th Italian referendum and China/EU banking/credit crisis probability, market may catch good volatility in the coming months.

Another point is that with record number of stocks (11) in the FNO banned category for taking fresh positions, market may see some volatility in the coming days.

Today, Nifty was supported by IT & Pharma stocks as Trump defeat may be positive for them (Trump is dead against China,India. Mexico trade/exports into US in lieu of American jobs).

Nifty was dragged mainly by banks, autos and infra stocks.

Globally, all eyes will be on the ongoing US politics, UK & US GDP data this week and BOJ stance (as Yen continues its strength despite jawboning by Kuroda and various Japanese authorities).

Technically, today we should watch 2130 level in S&P-500 Fut for further cues of the global as well as the Indian market trend in the coming days.

 

 

 

NSE NIFTY-FUT

Nifty "Plunged" By More Than 1% As Poll Prospect Between Clinton & Trump Narrows Ahead of US Presidential Debate and Liquidity Concern Of Deutsche Bank Again Pop Up

Nifty Fut (Sep) today closed around 8733, just shy off the session low of 8727 and an opening session high of 8822.

Technically looking ahead, for tomorrow (27/09/16), sustaining below 8715* area NF may fall towards 8665/35*-8580/20-8480/40 zone in the immediate to short term.

On he other side, for any strength, NF need to sustain above 8760 for target of 8805/30-8875/95*-8925/75 in the immediate to short term.

In the absence of any meaningful domestic cues, Indian market was affected by some global headwinds:

1. US Presidential debate, which is scheduled for tomorrow (Morning Asian Session) is being seen as some risk aversion. As par latest pool, margin between Clinton & Trump is being narrowed considerably and it may be a close contest. Today's US Presidential debate will be the 1-st among the planned three debates which will be viewed/followed by huge US voters as well as global watchers. These debates may influence the undecided voters in the days ahead. Lately, probability of Trump is getting higher after some recent set back because some of his controversial and out of context comments. Now, all his focus is on the "real street" of US rather than "wall street" and this may be helping Trump to some extent. Apart from the various incoming economic data in the coming months, Fed may be greatly influenced by this political event for rate decision in Dec.

2. There was also some renewed Deutsche Bank liquidity concern about the US-DOJ's claim of $14 bln, whereby the bank may be forced to arrange for necessary fund either by raising fresh capital or by selling some of its assets/portfolio. As par some reports, German Govt may not offer any financial assistance for DB and expect a fair resolution by the US authority by way of reconciliation (talks) or by legal approach.

3. There was also some China credit concern as BIS recently warned about the same. China's bank credits now around $30 trl which is almost 300% of its GDP and around 3 times of the comfortable level. Any serious capitulation & defaults by Chinese corporates and devaluation of its currency (Yuan) to avert huge outflow fear may be a major risk aversion for global as well as Indian market. 

4. Today Kuroda (BOJ) also talked about some disorderly movement in FX market (USDJPY) and ready to fire more "Bazooka" (NIRP) to stimulate Japanese economy. But, the overall tone of the BOJ may also be an indication of its QQE limit & its effectiveness and also showing some panic on the part of the central bank.

5. Renewed concern about "Real Brexit" also making a "risk off" environment in the global market, which is till now not prepared for the "official divorce" of UK from the EU and its contagion effect & uncertainty on the total EU universe. As par various UK leaders, Great Britain may invoke Article-50 by as early as Jan-Feb'2017 and may leave EU much before 2019 with focus on anti-immigration stance as spelled in the recent Brexit referendum.

6. Oil is another reason for the ongoing volatility in the global as well as Indian market. 

All these global events are also causing some rally in bond yields and shifting of fund flow from risk assets. India, also being a part of global economy may be affecting to some extent in the present cycle of "yield hungry" capital flow.

Indian market was also being affected by the present Indo-Pak geo-political tension and continuous "warmongering" in the media about some immediate military action by India after the Uri terrorist strike. Although, it appears that Govt/Indian Military force is in no hurry for an retaliatory limited military action and is preferring to take various diplomatic & political steps to isolate Pak and its economy to put pressure on the later, overall market sentiment is being affected to some extent. As par PM, regarding the Indus Waters treaty: " Blood & Water can's flow at the same time".

Going ahead, apart from the ongoing global headlines, Indian market may take cues from the forthcoming RBI policy event on 4-th Oct as there are some renewed hopes about Oct rate cut. On the weekend, RBI Gov hinted some dovish views about trajectory of inflation and downplays the GST effect on it and gave more stress about GDP growth.

Apart from RBI, progress of GST & FY-18 budget preparation may on the focus along with the Q2FY17 result reason.

Today Nifty was supported initially by RIL (favourable GRM & telecom play) & BPCL. 

Nifty was dragged most by ONGC (talk of 5% stake sale by the Govt later this year) & Tata Motors.

NSE-NIFTY FUT

Nifty Closed The Day Lower Amid Weak EU Cues & Slow Progress Of GST And Closed The Fed/BOJ Week Almost Flat---What's Next ?

Nifty Fut (Sep) today (23/09/16) closed around 8833 (-0.59%) after making an opening session high of 8889 & day low of 8830 and closed the week dominated by the central banks (BOJ/FED) almost flat, after a bout of volatility. Today, although, Nifty traded in a narrow range most of the day, there was significant volatility in the mid-cap segment.

Looking at the chart, for the next week (Exp), sustaining below 8800 zone, NF may fall towards 8755*-8705-8650 and 8575/45*-8475-8435 area in the immediate to short term.

On the other side, for any strength, NF need to sustain above 8875 area for target of 8925*-8975/95-9025 and 9075*-9125-9185/9205 zone in the immediate to short term.    

 

Today Indian market opened nearly flat on the back of morning US Dow Fut level, which was also almost flat wrt the Nifty closing level yesterday. The US market came down from the high yesterday after effect of Fed's "Dovish Hold" begin to subside, although rally in Oil supported the global "risk on" sentiment to some extent amid weak USD, better oil inventory data and renewed optimism about OPEC/Non-OPEC talk of production freeze.

But later in the day, EU PMI data came below market expectation and there was also some renewed fear about "Real Brexit". As par some comments made by the foreign minister of UK, the country may invoke article-50 by early 2017 (Jan/Feb) and this caused some sudden "risk off" sentiment in the global as well as Indian market. The global market is not discounted yet for the "official divorce" from the EU and its probable contagion effect.

Although, this was promptly reprimanded by the UK PM's office, the underlying sentiment was not improved much. As par various reports, EU leaders are not showing any leniency towards UK for Brexit related negotiation and pressing Britain to take a final call sooner rather than later. 

One of the primary reason may be the forthcoming Italian referendum and any signs of weakness by the EU leaders, may also prompt Italy for an exit vote from EU and then many others country can follow. If this goes on, the whole idea of a common EU market with a single currency can also collapse.

Also, form this Brexit referendum, UK may be benefited most in comparison to other EU countries, specially Germany because of huge devaluation in the GBP, which helped the Great Britain a lot for its export. Contrary to the earlier notion, post Brexit overall UK economic data was better except housing market. Thus, Germany & other EU leaders may not allow UK to enjoy the dual benefit of staying in EU with a devalued currency (GBP) at the cost of others and UK has to take a final call at the earliest.

If UK begun the process of separation (exit) from the EU in reality, then significant uncertainty & lack of business confidence may come apart from the immigration & trade barriers issues. Also some other countries may follow the UK's exit path from the EU in order to deal its own currency which may be more serious and can't be resolved by ECB QQE also.   

 

Looking ahead, immediately global market may focus more on US presidential debate start from Monday rather than US incoming economic data, because eventually Fed may be more influenced by this election in Dec for its rate decision. 

In that sense, US election, Brexit, China Yuan inclusion in SDR and EU/China credit concern may be the main headwinds for the global sentiment in the coming days apart from BOJ/ECB's limit on fresh round of QQE.

Today, Indian market sentiment was also dragged to some extent after apparent slow progress of some vital issues in the GST council meeting. 

Although, there was broad political consensus on the GST threshold limit & dual control, the most contentious issue of finalization of GST rate (RNR) is still unresolved and there will be further meetings in the last week of Oct to arrive at a final decision about rate. 

Some tax experts are also apprehending about the timely launch of the GST by April'17 because of various pending legislative & administrative issues and advancement of the budget session.

Yesterday, Indian Govt also expressed some unhappiness about Moody's stance of refusal for any immediate rating upgrade despite incremental economic reform, GST progress, good monsoon, stable currency & fiscal deficit and huge FDI. Moody's primary concern was huge stressed assets in the Indian banking system and tepid private investments despite better macros and higher Govt capex for infra. 

Basically, Moody's want to see the benefit of the ongoing economic reforms on the ground and the resolution of the problem of "Twin Balance Sheet" in India. Moody's has a India rating just above junk (Baa3 with a positive outlook). Indian Govt has raised some questions over Moody's methodology about its rating. Although it mat be an indication of the Govt's frustration with the prime rating agencies (S&P, Moody's, Fitch), India just can't ignore them too as foreign fund inflows depend large on the ratings.

But, Moody's termed the India's overall reform as "slow & gradual" and it may upgrade in the next 2-3 years, if it convince that the reform process in India are "tangible". Clearly, Moody's may be looking for the 2019 general election risk and political consensus for some vital reforms and its visibility on the overall macro economy of India and banking sectors & the stressed corporates.

Today, Govt also allowed FPIS to directly trade in Indian bond markets without an intermediary (broker). As par some experts, this may invite huge flow of capital from the FPIS and may be positive for the Indian market/RETIS etc.This may also strengthen the corporate bond market and help to slash the cost of funds for the banks too in the long term.

Today Nifty was dragged mostly by Axis Bank (buzz of SUUTI sale at much below current market price; although Govt later denied any immediate plan); Infy, ICICI Bank, Tata Motors, SBI & Lupin (talk of inorganic expansion and patent dispute).

Nifty was supported by RIL, HDFC twins, TCS &  DRL.

Update: Overnight US market & Oil (23/09/16)

US S&P Fut yesterday closed almost 1% lower amid selling in oil and FB (video ads duration issues).

Oil was down almost 4% after apparent break down of production freeze talks between Saudi Arabia & Iran (as usual as in many past occasions).

When any OPEC (Iran/Saudi Arabia) or Non-OPEC country (Russia) talks about production freeze & not any actual cut, this usually means that they are producing at its best level and going forward, there is not so much scope of any further feasible production hike. 

Also, apart from OPEC & Russia, most of the other oil producing countries (USA/Canada) has no central authority to freeze or curtail any production and its not legally possible also.

Thus going ahead, oil production will continue to be determined by the market dynamics of demand & supply and not by any artificial control. So, any production freeze/cut talk may be just verbal (jawboning) in nature and in reality, its just not possible and even if, there is some kind of production freeze, it may be temporary in nature and can't alter the supply demand dynamics of oil, because production may just freeze at top end and its not an actual cut to match the underlying demand.

Technically, S&P-500 Fut (CMP: 2157), has to sustain over 2175-2195 & 2205 area for any further rally up to 2230-2260 & 2330-2365 in the near to long term; otherwise, it may fall towards 2130-2095 zone and sustaining below that may further fall to 1995-1980 & 1870-1800 zone in the near to long term.

For the last few years, market is actually being controlled by the central bankers (Fed/ECB/BOJ/PBOC) after the 2008 Lehman Brothers led crisis, where Fed basically underscored the event. After that, whenever, there was any shock like China Yuan devaluation, capitulation in Oil, Brexit referendum etc, these central bankers were acted in co-ordination to avert a "dooms day" scenario in the global financial market. ECB & BOJ always talked about new QQE and Fed deferred its hike, when ever there was any geo-political or economic crisis. 

Thus market is basically addicted or dependent too much on the ongoing stimulus (24/7 money printing) provided by the central bankers. Now, ECB & BOJ may have reached to their limit and Fed may also be in some kind of dilemma because of US election risk (Trumpism) and some geo-political shocks (Brexit, China/EU banking crisis) apart from the doubt about core strength of US economy itself.

Ultimately, at the end of the day after decades of QQE, growth & inflation is not so much visible in the "Real Street" as is quite visible on the "Wall Street" and in this US election, "Real Street" may matter and not the "Wall Street". 

Thus, going ahead "Trumpism" may be the greater risk than the Fed's symbolic "Yearly Hike" for the global financial market, at least for the short term and S&P may correct by around 15% in that scenario.

On the other side, if Trump loose, Fed has to hike in Dec and continue to hike at least once in a year to stay above the curve and for the stake of its own credibility until FFR reaches 3-3.5% and in that scenario, S&P may also fall by around 10% because global bond yields may gradually surge and which may reverse the present flow of liquidity ("hunt for yields") from the risk assets (strong USD).

Analytical Charts:

 SGX-NIFTY

S&P-500 FUT