Nifty Soared On Positive Global Cues Amid Syrian Relief And Hopes Of RBI Relief


Nifty soared on positive global cues amid Syrian relief and hopes of RBI relief on NPA/NCLT provisions, rate cuts, and a normal monsoon

Market Wrap: 16/04/2018

NSE-NF (April):10545 (+55; +0.53%)

NSE-BNF (April):25539 (+120; +0.48%)

SPX-500: 2678 (+22; +0.81%)

Market Mantra: 17/04/2018

Updated: 08:00

SGX-NF: 10535 (-11; -0.10%)

Expected BNF opening: 25300 (-0.10%)

SPX-500: 2686 (+4; +0.16%)

(Flat opening on positive global cues amid Syrian relief rally, US & Japanese political jitters and mixed China economic data/GDP/IIP/Retail sales amid ongoing trade war tensions with the US)

March-Fut (Key Technical Levels)

Support for NF:

10490/10450-10400*/10350-10280/10260-10200/10170

Resistance to NF:

10555/10575*-10610/10635-10675/10725-10765/10815

Support for BNF:

25150/25050-24950*/24800-24600/24400-24250/23950

Resistance to BNF:

25350/25450*-25655/25775-25850/26050-26150/26300

Support for SPX-500:

2675/2645-2630/2605-2580/2545

Resistance to SPX-500:

2695/2705-2730/2750-2765/2785

Technical View (Positional-Nifty, Bank Nifty, SPX-500):

Technically, Nifty Fut-I (NF) has to sustain over 10575 for a further rally towards 10610/10635-10675/10725-10765/10815 in the short term (under bullish case scenario).

On the flip side, sustaining below 10555 NF may fall towards 10490/10450-10400/10350-10280/10260 in the short term (under bear case scenario).

Technically, Bank Nifty-Fut (BNF) has to sustain over 25500 for a further rally towards 25655/25775-25850/26050-26150/26300 in the near term (under bullish case scenario).

On the flip side, sustaining below 25450-25350, BNF may fall towards 25150/25050-24950/24800-24600/24400 in the near term (under bear case scenario).

Technically, SPX-500 now has to sustain over 2705 for a further rally towards 2730/2750-2765/2785 in the near term (under bullish case scenario).

On the flip side, sustaining below 2695, SPX-500 may fall towards 2675/2645-2630/2605-2580/2545 in the near term (under bear case scenario).

Valuation metrics:

Nifty-50: 10528; Q2FY18 EPS: 410; Q2FY18 PE: 25.68; Avg FWD PE: 20; Proj FY-18 EPS: 418; Proj Fair Value: 8360

Bank Nifty: 25321; Q3FY18 EPS: 820; Q2FY18 PE: 30.88; Avg FWD PE: 20; Proj FY-18 EPS: 961; Proj Fair Value: 19220

The Indian and global market story on 16/04/2018:

The Indian market (Nifty Fut/India-50) closed around 10546 on Monday, soared by almost 0.53% on positive global cues amid Syrian relief rally and hopes of RBI relief for NPA/NCLT provisions, rate cuts and a normal monsoon this year. Nifty-I made an opening minute low of 10431 and a closing session high of 10549 in a late day rally amid a day of moderate volatility. FMCG, automobiles, housing finance companies cheered the buzz of a normal monsoon.

STORY:

STORY:

SGX-NF

BNF

SPX-500

USDJPY

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