TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Benchmark Index Nifty 50 Opened at 9193 On Monday trading session, and

made a high of 9094, the Index traded in a narrow range of 70 points. Last week Nifty traded in range

of 149 points from 9168 to 9019. The Market might be in celebrating mode after passage of GST in

the LS, Although it is highly discounted and a July’17 roll out of the same may also be largely

discounted and going forward, market may be also apprehending any probable disruption in the

economy for a hurried launch of the same. The Index benchmark Nifty 50 traded on strong note in last

week Supported by Positive Global cues on hopes of An Impending Tax Reform By Trump After

Disappointment Of The Healthcare Bill. In the current month, FIIs and DIIs have a combined net buy

figure of 17360 crore. Last month FIIs and DIIs were buyers in the market for a total value of 9639.41

crore. The post election results gap still has not been filled till 8935. But Many times such gaps

remain unfilled. This gap can remain unfilled if we have a final blow out rally till 9400 or 9500 and

then a 400 500 point correction. As of now Nifty is in positive momentum and we may witness further

positive rally and huge volatility Once Nifty manages to breach 9150 levels then we would see new

record highs for the targets of 9300-9400 for Index. Traders should hold long positions and should

consider going long at every dips. The Significance Resistance levels for Nifty is 9190-9220 and

Significance Support is 9140-9100.

BANK NIFTY : - Bank Nifty opened at 21203 on Monday trading session, made a high of 21203, the

Index closed at 21123 after making low of 20754. PSU banks rallied most after Finance Minister said

he will soon announce the policy for quick settlement of Net Performing Assets in banks. Moreover

the Finance Minister will also discuss with few banks heads, on allocation of excess funds, in banking

system, post demonetization. As par Policymakers, the pain of India’s twin balance sheet corporate &

banking stressed assets may need to be resolved first with the ongoing effort of deleveraging &

various merger and acquisitions activities and India is not a market for so many weak banks and few

strong banks are necessary. Thus, we may see consolidation in the banking industry. The Significance

Support for Bank Nifty is 21440-21370 and Resistance is 21553-21626.

Monday, 3 April 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9279 9209 9174 9139 9069

WEEKLY R2 R1 PP S1 S2

9622 9296 9133 8970 8644

MONTHLY R2 R1 PP S1 S2

10065 9407 9078 8749 8091

BANK NIFTY

DAILY R2 R1 PP S1 S2

21876 21626 21501 21376 21126

WEEKLY R2 R1 PP S1 S2

23475 22079 21381 20683 19287

MONTHLY R2 R1 PP S1 S2

24966 22450 21192 19934 17418

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9037 8859 8683 8504

BANK NIFTY 20976 20432 19855 19170

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9195 8750 8209

BANK NIFTY 20979 19605 17458

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of Nifty has Applied Bollinger Band and

Parabolic SAR both are the leading indicators. As per Bollinger Band it is about to cross over the

Upper Band which is around 8300 level so it would be the crucial level to decide the trend of

market for upcoming trading session. The break above the level 8300 we may witness the level

of 8400-8460 in near term on the fillip side 8180 level would be crucial down side.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band

as well as Parabolic SAR. The Bank Nifty Chart is clearly showing up side movement the Upper

Band of Bollinger Band indicating Bullish wave in the Market. If the Bank Nifty able to Sustain

the 21460 level will move toward 21760-21840 levels. The support for Bank Nifty is at

21240-21120 and the resistance to the up move is at 21450-21500 levels.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1467 1457 1439 1429 1411

ADANI PORTS EQ 345 342 339 336 333

AMBUJACEM EQ 240 238 235 233 230

ASIAN PAINT EQ 1087 1081 1073 1067 1059

AXISBANK EQ 507 501 497 491 487

BAJAJ-AUTO EQ 2847 2831 2816 2800 2785

BANKBARODA EQ 176 174 173 171 170

BPCL EQ 668 661 652 645 636

BHEL EQ 166 165 163 162 160

BHARTIARTL EQ 354 352 348 346 342

BOSCH LTD EQ 23193 22986 22793 22586 22393

BHARTI INFRATEL EQ 331 327 325 321 319

CIPLA EQ 601 596 594 589 587

COALINDIA EQ 297 295 292 290 287

CAIRN INDIA LTD EQ 313 310 305 302 297

DRREDDY EQ 2661 2646 2630 2615 2599

GAIL EQ 384 380 378 374 372

GRASIM EQ 1081 1064 1056 1039 1031

HCLTECH EQ 899 886 876 863 853

HDFC EQ 1530 1516 1506 1492 1482

HDFCBANK EQ 1462 1451 1444 1433 1426

HEROMOTOCO EQ 3243 3231 3215 3203 3187

HINDALCO EQ 198 197 193 192 188

HINDUNILVR EQ 924 917 912 905 900

ICICIBANK EQ 284 281 278 275 272

ITC EQ 285 283 280 278 275

INDUSIND BANK EQ 1438 1430 1415 1407 1392

INFY EQ 1041 1033 1020 1012 999

IDEA CELLULAR EQ 88 87 86 85 84

KOTAKBANK EQ 889 881 871 863 853

LT EQ 1615 1595 1574 1554 1533

M&M EQ 1296 1290 1281 1275 1266

MRF EQ 61930 61420 60485 59975 59940

MARUTI SUZUKI EQ 6076 6042 5991 5957 5906

ONGC EQ 187 186 185 184 183

NTPC EQ 168 167 165 164 162

RCOM EQ 39 38 38 37 37

RELCAPITAL EQ 624 620 615 611 606

RELIANCE EQ 1379 1350 1308 1279 1237

RELINFRA EQ 582 576 569 563 556

RPOWER EQ 50 49 48 47 46

SBIN EQ 299 296 292 289 285

SSLT( VEDL) EQ 280 276 275 271 270

SUNPHARMA EQ 698 692 688 682 678

TATA MOTORSDVR EQ 287 285 282 280 277

TCS EQ 2451 2437 2426 2412 2401

TATAMOTORS EQ 476 471 468 463 460

TATAPOWER EQ 93 91 90 88 87

TATASTEEL EQ 488 484 482 478 476

UNIONBANK EQ 160 158 156 154 152

YES BANK LIMITED EQ 1566 1555 1545 1534 1524

ZEEL EQ 546 541 535 530 524

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 HERO MOTOCOP 3375 3321 - 4.54 %

2 ONGC 191 185 - 3.60 % -

33 TECH MAHINDRA 474 459 - 3.16 %

4 LUPIN LIMITED 1487 1445 -2.86 % -

25 SUN PHARMA 703 688 - 2.24 %

6 TATASTEEL LTD 493 482 -2.13 % -

27 AURO PHARMA 688 675 -1.97 %

8 COAL IND LTD 297 292 - 1.75 % -

19 BAJA J AUTO LTD 2843 2805 - 1.32 %

10 GAILIND LIMITED 381 376 - 1.14 % -

111 TATA MO T LTD 470 465 - 0.97 %

12 BOSCH LIMTED 22972 22751 -0.96 % -

013 INFOSYS LIMITED 1031 1022 - 0.89 %

14 GRASIM INDUS. 1058 1049 -0.88 % -

0

15 KOTAK BANK 879 872 - 0.81 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 SBIN 276 293 + 6.11 %

2 ADANI PORTS 323 339 + 5.06 %

3 BHARTI INFRA 310 325 + 4.99 %

4 TATA POWER 86 90 + 4.39 %

5 INDIABULLS 959 997 + 4.04 %

6 IOC 372 387 + 3.85 %

7 ACC LIMITED 1396 1446 + 3.55 %

8 ZEEL 518 535 + 3.30 %

9 AMBUJA CEMENT 229 236 + 2.94 %

10 BHARTI AIRTEL 340 350 + 2.80 %

11 HDFC 1462 1502 + 2.70 %

12 RELIANCE 1286 1320 + 2.65 %

13 INDUSIND BANK 1389 1425 + 2.56 %

14 BANK OF BARODA 169 172 + 2.31 %

15 L&T 1551 1574 + 1.53 %

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

GST rollout, tackling NPAs to dominate new fiscal - An eventful financial year nears its

end on March 31. It was a year of tumultuous ups and downs that witnessed a couple of

historic economic moments. The year began with a hopeful resolution of the Greek

financial crisis followed by a shocking exit of Britain from the European Union.

Post-Brexit, the EU's future was put in doubt and the world braced for its aftershocks.

However, the fears did not materialise in terms of any economic upsets and it was

business as usual almost immediately. Meanwhile, amidst an uncertain global economic

environment, the Indian economy was considered to be a "bright spot" until the

government threw a spanner in the works on November 8, 2016, with its demonetisation

gamble. Again, ominous predictions about its effects on the economy proved modest at

best, as far as official figures are concerned. The Index of Industrial Production, which

measures the country's factory output, grew at 2.7 percent in January after contracting by

0.1 percent in December. By now, most of the demonetisation-induced sluggishness has

worn off in almost all sectors and even consumer demand is showing signs of revival as

evidenced by an increase in imports in latest figures. However, as the world and Indian

economy put their fears of Brexit and demonetisation-induced after-effects to rest, there

are two problems the latter has not been able to allay during this financial year. One is the

issue of reviving private sentiment. When the current financial year began, calls were loud

for the RBI to slash rates as its hawkish stance was seen as inimical to investment in the

country.

Government to borrow Rs 3.72Lakh-crore in first half of FY2018 - The government

will borrow Rs. 3.72 lakh crore from the market in the first six months of the next fiscal

beginning April. The borrowing represents 64% of the full-year borrowing target. The

April-September borrowing is slightly more than previous year because the finance

ministry and the Reserve Bank of India expect spending to pick up pace early. The

redemption pressure of the previous year’s borrowings will also be more in the first half.

The government had advanced the budget presentation by a month this year, allowing the

process to be completed before the start of the new fiscal. This will allow spending to

continue seamlessly as opposed to a lull earlier when the budget process used to be

completed well after the start of new fiscal. Ninety percent of the total redemptions (in

FY18) will happen in first half. Budget has been passed and money will be available fully

from the beginning of the year,” economic affairs secretary Shaktikanta Das said.

GST rates will have no inflationary impact: Arun Jaitley - Allaying apprehension of

spike in prices of goods and commodities after the roll out of the GST, Finance Minister

Arun Jaitley today said the tax rates will be kept at the current levels so as not to have any

inflationary impact. Introducing four bills to give effect to the Goods and Services Tax ,

Jaitley said the legislations will have to be passed by Parliament and one by each of the

state assemblies to turn India into one market with a single tax rate. The Finance Minister

said the aim of the GST Council is to decide everything relating to the tax structure with

consensus and this is for the first time that such an arrangement has been made, based on

the principle of shared sovereignty of both the Centre and the state governments. "These

are revolutionary bills which will benefit all. ...States have pooled in their sovereignty into

the GST council, and Centre has done the same," he said.

RBI to hold rates this year, may tighten in 2018: Goldman Sachs - The Reserve Bank

is expected to keep policy rates on hold this year but there are risks tilted towards a hike

in 2018, a Goldman Sachs report says. According to the global financial services major,

inflation is likely to remain within the RBI's target range of 2-6 per cent, but India is still

some time away from bringing inflation to its 4 per cent target sustainably. We expect

headline inflation to pick up in the next few months as the effects of demonetisation on

food prices fade and oil prices trend higher," Goldman Sachs said in a research note. The

report noted that headline inflation is likely to stabilise around the 5 per cent mark from

July-September 2017 onwards, with lower household expectations offsetting upward

pressures from the civil service housing rent allowance increase. Key risk for price rise is

the 'deficient' monsoon, that could lead to a pick-up in inflation expectations.

More Indians want 'big picture' tax policymaking: Survey - Most Indians want 'big

picture' tax policymaking and believe that it is appropriate to offer tax incentives to attract

overseas investment, says a survey by the Association of Chartered Certified Accountants.

According to the findings, people want their governments to cooperate for a more

coherent international tax system, they trust professionals, but have developed a deep

distrust of politicians when it comes to tax. Indians, in particular, have a higher level of

trust in multinationals and professional accountants in India, in comparison to much of the

G20 countries, to create a fair and appropriate tax system," said Sajid Khan, Head of

international development at ACCA.

Note ban effects fading, growth likely to return to pre-November levels: S&P - The

effect of demonetisation is fading and growth is likely to return to the pre-note ban stage,

but a clearer picture of the economy will be available by June-end, S&P Global Ratings

said today."India's effects from demonetisation are fading and a return to the growth path

prevailing before the currency note swap looks to be increasingly likely. This should be a

two-quarter event, meaning things will become clear by mid-2017," S&P said. India had

demonetised 500 and 1,000 rupee notes on November 8, 2016, and asked holders of such

notes to deposit them in banks. The Central Statistical Office last month had projected

GDP growth to be 7 per cent in the October-December quarter, belying fears of slowdown

post demonetisation. For the full year, it projected India to grow at 7.1 per cent

✍ TOP ECONOMY NEWS

The most talked about topic in India’s economy currently is, GST. All are waiting for the

biggest tax reforms in the history of India. The government is burning the oil till mid night

for the roll out of GST as of July 1, 2017. As per experts opinion, implementation of GST

can add up to 2% to the India’s economic growth

Manufacturing improved in March after a three month decline, while various government

measures are likely to push up activity in the infrastructure sector going forward, : Report.

The yearly SBI Composite Index, one of leading indicator for manufacturing activity in

the Indian economy, bounced back to above 50-mark level to 50.3 after 3-months of

decline.

One nation one tax regime is going to fill the pockets of the Centre at the end of 5 years

after implementation of GST, as the tax regime suggests that both the State and the Centre

are to get similar proportion of tax from the sale of goods and services. The Bill was made

public in November 2016, and the provision of the draft says any residual amount left in

the Compensation Fund will be shared equally by the Centre & the States.

The examination of the 7th pay commission recommendations on allowances is likely to

reach its final fruition, as the panel led by Ashok Lavasa, the former Finance Secretary, is

expected to hold its final meeting over the matter on March 28, 2017. Following which,

the cited subject is expected to be scrutinised by the Finance Minister and the Union

Cabinet. The revised allowances will be applicable from early 2017-18.

Comptroller and Auditor General plans to audit the effect of note ban and the impact it

has on the government’s tax revenues. The CAG is gearing up to audit the tax revenues

under the one tax regime, and has already started capacity building while and reorienting

its methodologies. CAG has full authority of jurisdiction over any body or any authority

related to government revenues and expenditures. CAG audit may peek into expenditure

of printing new notes, banking transaction data & RBI dividend data.

The review done in the shadow of demonetisation indicates that the December quarter

Current Account Deficit was affected by this massive reform move, carried out to flush

out black money. The research report said massive jump in travel receipts and the lower

outward remittances have attributed to this. In a statement, the report said, "There are two

distinct trends in the current account deficit data print - lower outward remittances and

higher travel receipts - and this could be attributed to note ban". demonetisation indicates

that the December quarter CAD was affected by this massive reform move, carried out to

flush out black money.

The Finance Ministry, on Friday, held a meeting with bankers to mull over the issue of

excess liquidity in the economic cycle, and its channelisation. Introduction of the standing

deposit facility was also discussed in the meeting. SDF is also known as a tool for

absorbing surplus liquidity without any collateral.

Dismissing speculations of inflationary trends as an effect of the imposition of GST, the

FM Arun Jaitley announced on March 29, 2017, that the tax rate applicable will remain

unchanged even after the imposition of GST.

The Reserve Bank is likely to keep key interest rates unchanged on April 6, while there is

scope for a rate cut in the August meet on slow growth and benign inflation, says a report.

The RBI shifted to a neutral stance from accommodative in February and this, in turn,

may prompt the central bank to hold rates in the ensuing meet early next month.

Hailing the passage of four GST Bills in the Lok Sabha as a step closer to the

implementation, industry stakeholders on Thursday said that the government needs to step

up work on fitment of commodities in tax slabs to ensure a smooth roll-out by July 1

✍ TOP CORPORATE NEWS -

Jindal Steel and Power Limited board is planning to consider various modes of fund

raising by way of preferential allotment of securities to different entities including the

promoter or promoter group entities.

Engineering conglomerate, Larsen & Toubro, on Tuesday, said that its construction arm

L&T Construction, has bagged a major design and build order worth Rs. 2903 crore. The

order is for the Maharashtra Housing and Area Development Authority.

National Thermal Power Corporation Limited , has announced that the Company’s

board of directors, have approved an investment of estimated Rs. 3004 crore in the

Talaipalli Coal Mining project.

By issuing bonds, compliant with Basel III standards, the government owned venture,

Bank of India, has raised a humongous amount of Rs 1,000 crore. The tier-II bonds, rated

AA plus by Brickwork and India Ratings, are likely to generate an interest rate of 8% per

annum against the principal.

Bharat Heavy Electricals Limited has commissioned a 250 MW Eco-friendly based on

Circulating Fluidized Bed Combustion technology by using lignite as a primary fuel. The

250 MW lignite based unit is the 2nd unit to be commissioned at Bhavnagar Energy

Company Ltd., in Gujarat.

Motherson Sumi Systems Limited today said it has acquired Finland based global auto

component major PKC Group Plc for approximately Euro 571 million., a move that will

help Mr. Vivek Chaand Sehgal led group to expand its footprint significantly in American

and European commercial vehicle market segment

Glenmark Pharmaceuticals, a global pharmaceutical company, announced positive

results for GSP 301, an investigational fixed-dose combination of mometasone furoate

and olopatadine hydrochloride administered twice-daily as a nasal spray being studied for

the treatment of seasonal allergic rhinitis.

Rajesh Exports Limited has bagged order for its products, worth Rs. 887 crore . The

order has been procured from a global competition after beating an importer from UAE.

Minda Industries Limited, an auto component maker, has raised Rs. 300 crore via

Qualified Institutional Placement. The firm is a flagship company of Uno Minda Group.

The Company exercised its green shoe option, and upsized the issue to Rs. 300 crore, as

the proposed initial issue size of Rs. 275 crores was oversubscribed 2x times.

Aurobindo Pharma Limited has announced that the company has received final

approval from the US Food & Drug Administration to manufacture Abacavir Sulfate and

Lamivudine tablets, 600 mg/300 mg.

Reliance Industries announced the complete sale of its aggregate stakes of 76% in the

East African company, GAPCO, to Total SA of France, on March 29, 2017. However, the

sale considerations were not disclosed by the Company.

Kalpataru Power Transmission Limited during market hours has announced that it has

secured new orders worth Rs 1200 crore.

Berger Paints Limited own to a bulk deal and block deal that took place in Tuesday’s

trading session. The major promoter in the company, U K Paints India, has increased its

stake, in a rejig of promoter holding via a bulk deal mechanism on the stock exchanges.

Reliance Infrastructure Limited InvIT fund, which is planning a Rs. 3,000 crore issue in

the upcoming month, has got sanction from the National Highway Authority of India.

The board of Kotak Mahindra Bank, on Thursday, unanimously approved issue of

equity shares, Global Depository Receipts, American Depository Receipts and other

permissible securities, to raise capital, upto an aggregate issuance of 6.20 crore equity

shares of Rs. 5 each.

India’s largest automobile company, Tata Motors, on Friday, announced the launch of JT

Special Vehicles Pvt. Ltd., a 50:50 joint venture with Jayem Automotives Pvt. Ltd., for the

development of special performance vehicles based on the latest series of products

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Axis Bank Limited said its board has approved raising USD 10 million by allotting debt

securities through MTN programme to be launched from Dubai international centre. The

board of directors of the bank has passed a resolution approving the allotment of 3 year

senior floating rate notes aggregating to USD 10 million under the MTN programme.

The Supreme Court dismissed the plea of Nashik District Central Cooperative Bank

Limited seeking quashing of the RBI letter barring it from exchanging Rs. 371 crore it

had deposited in demonetised currency.

Falling growth in loans is making banks to look at the possibility of lowering the interest

rates on savings bank accounts so as to improve their pre-provision operating profits,

investment banking firm Jefferies said.

State Bank of India, which would start merger process of five associates and Bharatiya

Mahila Bank from April 1, expects integration to be completed in three months.

The Centre is set to clear an estimated Rs. 10,000 crore relief package for banks, which

are facing the prospect of loans to 25 mega power projects turning sour, because

promoters are unable to find buyers for their capacity in the current surplus market

condition.

Axis Bank Limited has tied up with Wells Fargo, the third largest American bank by

assets, to offer real time remittances from the Indian diaspora to their relatives back home.

Under the arrangement between the two banks, any member of the Indian diaspora with

an account with the Wells Fargo will be able to transfer money to their relatives back

home and there will be no transaction fee applicable to the money transfers from USA.

The Reserve Bank of India today barred depositors of The Kapol Co-operative Bank

from withdrawing more than Rs. 3000 from their savings and current bank account. The

regulator also said the troubled co-operative bank will also not be able to grant or renew

any loans or advances without prior approval in writing from the Reserve Bank.

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