-------- Forwarded Message --------
Subject: Nifty May See Some Bounce back Today On The Back Of Positive
Global Cues & Short Covering---Watch 8530-8500 & 8605-8635 In NF
Date: Tue, 18 Oct 2016 09:46:24 +0530
From: Asis Ghosh <asis...@gmail.com>
*Market Mantra: 18/10/2016 *
As par early SGX indication, NF may open around 8560 (+30 points) amid
positive global/Asian cues, primarily supported by some strength in oil
and weak USD.
*Technically, NF has to sustain over 8545/30* zone; otherwise it may
again fall towards 8500-8465* & 8405-8360 area for the day.*
*For any meaningful strength, NF has to sustain over 8575-8605* area for
further intra bounce back towards 8635-8685 & 8705-8745* zone as the day
*Similarly for BNF (LTP: 19105), immediate support is around
19040*-18990 area and sustaining below that BNF may further fall towards
18900*-18750 & 18650*-18450 for the day.*
*For any meaningful strength, BNF need to stay above 19200-19275* area
for further rally up to 19350-19450 & 19600*-19850 zone as the session
Overnight US market closed lower as overall US economic data & earnings
were mixed and there was some selling in oil.
Yesterday's US economic data (Empire mfg/IIP/Capacity utilization) were
all below/at par market expectations and not good at all, except IIP,
which showed some strength after long time. This may also highlights the
tepid consumer spending & strong USD for the economy there.
Although, oil was under pressure yesterday for Iran's comments about
production level and ongoing doubt about real effectiveness of OPEC's
production cut/freeze proposal, it rebounded again in the early Asian
session today because may be of weak USD & some reports about early
rebalancing of demand & supply, of course with caveat of successful
OPEC production cut/freeze in Nov.
Back to home, all eyes will be on the progress of GST today and the
20-th Oct meet for the final GST rate, which may be the most vital &
contentious political issue.
Also some report that FII interest in G-Sec drops may affect the
underlying sentiment of the market today.
Overall, expect some stock specific movements as the Q2 earnings are
unfolding day by day.
Thanks & Regards,
Kindly email stock reports at
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