Market Mantra: 24/07/2017 (09:00)
SGX-NF: 9925 (+14 points)
For the Day:
Key support for NF: 9905/9865-9830/9810
Key resistance for NF: 9960/9985-10005
Key support for BNF: 24250-24000
Key resistance for BNF: 24350-24500
Hints for positional trade:
Time & Price action suggests that, NF has to sustain over
10005 area for further rally towards 10050-10115 & 10195-10250 in the short
term (under bullish case scenario).
On the flip side, sustaining below 9985-9960 area, NF may fall
towards 9905/9865-9830/9810 & 9775- 9715 area in the short term (under bear
case scenario).
Similarly, BNF has to sustain over 24350 area for further rally
towards 24500-24700 & 24875-25050 area in the near term (under bullish case
scenario).
On the flip side, sustaining below 24300 area, BNF may fall
towards 24150/24000-23900 & 23750-23500 area in the near term (under bear
case scenario).
As par early SGX indication, Nifty Fut
(July) may open around 9925, almost up by 14 points tracking subdued
global/Asian cues; but positive China/HKG market after upbeat forecast of China
GDP (6.8%) by CASS (a China think tank, closer to Govt circle) and optimism
about China/HKG Next tech shares after recent sell off; but China deleveraging
story and subsequent slowdown on overseas investment may also affect the
sentiment later on.
Overnight, US market (DJ-30) closed
in slight red (-0.15%) flowing terrible report
card from GE and ongoing Trumpcare/US political jitters; USDJPY has gone down
below the 111 level, making Yen & other Asian currencies stronger, which
may be affecting most of the export heavy Asia-Pacific index today.
Back to home, all eyes may be on HDFC
Bank today on its report day apart form RIL for R-Jio & Petchem optimism;
but for any further rally, technically RIL now need to stay over 1595-16110
level; otherwise may come down; valuations may be already over stretched amid excessive
optimism over R-Jio.
NF
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