TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Equity Benchmark Index Nifty 50 opened at 9159 on Friday Trading

session. Nifty made a high of 9192 and closed at 9174, which was also its last day close. The Nifty

has started in a strong note on Monday trading session Nifty was up 47 points or 0.51 per cent at

9220. The markets were propped up this week and let us look at what the new financial year brings to

the table. This has been a very good year for the markets. The Global markets are benign at the

moment and no major triggers are expected at the moment. Domestically the new triggers will be the

earnings season which will kick off in middle of April. The next 2 weeks the markets have no major

trigger and one can expect side ways movement. After much back and forth between the Finance

Minister Arun Jaitley and his state counterparts, and stalling as states demanded compensation for lost

revenue, the government finally delivered on GST, with the roll out now set for July 1. This is a

landmark reform, one that has been in the making for a decade, which will economically unify the

country and significantly improve tax collection. RBI announced its First Bi-monthly Monetary

Policy Statement for 2017-18 where Monetary Policy Committee kept key interest rate unchanged at

6.25%. However the committee hiked Reverse Repo rate by 25 basis points to 6% from 5.75% and cut

the marginal standing facility rate is by 25 basis points to 6.5% from 6.75%. Time & Price action

suggests that the Nifty may mild correction next week which can take market to 9100 or 9000. The

Significance levels for Nifty 9266-9340 is Up side and 9190-9120 is Down side.

BANK NIFTY : - This week Bank Nifty opened at 21519 and made a high of 21588. The Index had

opened at 21512 and made a high of 21574 on Friday trading session & closed at 21444. SBI was up

by 0.81% and Kotak bank was up by 0.81% from its previous day close. Recent Financial stability

report by Reserve Bank of India states risks to banks remained elevated due to continuing

deterioration in asset quality, falling profitability and liquidity issues. Non-Performing Assets of

public sector banks soared to a staggering Rs. 6.8 lakh crore. Out of the Rs 6.8 lakh crore of

Non-Performing Assets of public sector banks, 70 per cent are those of big corporate houses. The

government and the RBI have begun taking steps in the right direction to address this issue. The Bank

Nifty gave a lackluster movement on its 1st weekly April Expiry and traded in a range of 175 points

from 21674 to 21489. Bank Nifty closed 21623 after making a high of 21674. The Significance levels

of Bank Nifty for Upcoming week is 21640-21820 is Up side and 21460-21380 is Down side. .

Monday, 10 April 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9338 9266 9230 9194 9122

WEEKLY R2 R1 PP S1 S2

9472 9312 9232 9152 8992

MONTHLY R2 R1 PP S1 S2

9472 9312 9232 9152 8992

BANK NIFTY

DAILY R2 R1 PP S1 S2

21829 21647 21556 21465 21283

WEEKLY R2 R1 PP S1 S2

22409 21835 21548 21261 20687

MONTHLY R2 R1 PP S1 S2

22412 21838 21551 21264 20690

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9101 8914 8726 8533

BANK NIFTY 21166 20600 19986 19264

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9033 8834 8371

BANK NIFTY 21276 19897 18051

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. Prices are trading in positive territory, counter has

broken resistance of 9120 level, prices closed above 9120 on weekly basis, we may see bull run

in nifty from current level, we are expecting rally will continue till 10000 and 10500 level,

downside 7900 will act as major support zone, if prices break downside 7900 and closed below

7900 level it will be warning signal for bull.

.

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 Nifty makes bullish Gartley pattern on Weekly

chart which shows range bound move will continue with profitable selling below near resistance

21880 and 22000 from the high. The above target can be found up to 22200 by crossing 22360

and giving close on it. According to Down channel; fresh selling pro move breakdown can be

seen below 20890 and 20820 in Bank Nifty and the level will work as the crucial support in next

month.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1496 1483 1467 1463 1456

ADANI PORTS EQ 356 351 348 343 340

AMBUJACEM EQ 248 246 243 241 238

ASIAN PAINT EQ 1097 1091 1083 1077 1069

AXISBANK EQ 518 512 507 501 496

BAJAJ-AUTO EQ 2873 2850 2823 2800 2773

BANKBARODA EQ 176 172 171 167 166

BPCL EQ 702 687 665 650 628

BHEL EQ 182 178 177 173 172

BHARTIARTL EQ 354 349 345 340 336

BOSCH LTD EQ 23020 22880 22761 22621 22502

BHARTI INFRATEL EQ 357 352 342 337 327

CIPLA EQ 597 594 589 586 581

COALINDIA EQ 289 286 283 280 277

CAIRN INDIA LTD EQ 305 302 300 297 295

DRREDDY EQ 2732 2700 2681 2649 2630

GAIL EQ 395 391 387 383 379

GRASIM EQ 1083 1069 1061 1047 1039

HCLTECH EQ 862 855 852 845 842

HDFC EQ 1510 1497 1482 1469 1454

HDFCBANK EQ 1454 1446 1437 1429 1420

HEROMOTOCO EQ 3252 3233 3215 3196 3178

HINDALCO EQ 199 196 194 191 189

HINDUNILVR EQ 937 932 926 921 915

ICICIBANK EQ 286 282 278 274 270

ITC EQ 276 275 272 271 268

INDUSIND BANK EQ 1436 1424 1413 1401 1390

INFY EQ 1007 994 986 973 965

IDEA CELLULAR EQ 90 89 88 87 86

KOTAKBANK EQ 902 887 879 864 856

LT EQ 1738 1710 1690 1662 1642

M&M EQ 1293 1289 1284 1280 1275

MRF EQ 62293 61627 61114 60448 59935

MARUTI SUZUKI EQ 6379 6323 6279 6223 6179

ONGC EQ 189 188 186 185 183

NTPC EQ 171 169 168 166 165

RCOM EQ 42 40 40 38 38

RELCAPITAL EQ 634 621 611 598 588

RELIANCE EQ 1446 1425 1414 1393 1382

RELINFRA EQ 600 581 571 552 542

RPOWER EQ 51 50 49 49 48

SBIN EQ 297 292 292 285 283

SSLT( VEDL) EQ 274 272 269 267 264

SUNPHARMA EQ 693 680 671 658 649

TATA MOTORSDVR EQ 289 286 284 281 279

TCS EQ 2460 2446 2419 2405 2378

TATAMOTORS EQ 485 477 471 463 457

TATAPOWER EQ 89 88 87 86 85

TATASTEEL EQ 512 502 496 486 480

UNIONBANK EQ 157 154 153 150 149

YES BANK LIMITED EQ 1586 1571 1560 1545 1534

ZEEL EQ 555 550 547 542 539

TOP 15 ACHIEVERS / TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 INDIABULL HOU 997 955 - 4.20 %

2 INFOSYS 1022 981 - 3.98 % -

33 TECH MAHINDRA 459 443 -3.47 %

4 SUN PHARMA 688 665 - 3.23 % -

35 TATA POWER 90 87 - 3.15 %

6 COALIND LTD 292 283 - 2.99 % -

27 HCL TECH 874 849 - 2.91 %

8 ITC LIMITED 280 272 - 2.73 % -

29 AURO PHARMA 675 658 - 2.54 %

10 BANK OF BARODA 172 168 - 2.49 % -

211 LUPIN LIMITED 1445 1410 - 2.43 %

12 BHARTI AIRTEL 350 344 - 1.53 % -

113 SBIN 293 289 - 1.35 %

14 HDFC 1502 1484 - 1.16 % -

1

15 INDUSIND BANK 1425 1412 - 0.91 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 L & T 1574 1685 + 7.02 %

2 BHARTI INFRATEL 325 347 + 6.66 %

3 RELIANCE 1320 1406 + 6.49 %

4 MARUTI SUZUKI 6015 6259 + 4.05 %

5 BHARAT PETRO 649 675 + 3.92 %

6 AXIS BANK LIMITED 490 504 + 2.73 %

7 INDIAN OIL CORP 387 397 + 2.66 %

8 GAIL INDIA LIMITED 376 386 + 2.57 %

9 AMBUJA CEMENT 236 242 + 2.45 %

10 ULTRATECH CEM 3984 4081 + 2.42 %

11 ZEEL 535 547 + 2.25 %

12 ADANI PORTS 339 347 + 2.22 %

13 TATA STEEL 482 493 + 2.18 %

14 ACC LIMITED 1446 1468 + 1.52 %

15 HUL 911 924 + 1.40 %

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

GDP to grow at 7.7 per cent in 2018, says FM Arun Jaitley - Finance Minister Arun Jaitley

said global growth was picking up but emerging economies faced new challenges in terms of

inward-looking policies and rising protectionism, and tightening of financial conditions in global

markets. Speaking at the annual meeting of the New Development Bank , a bank promoted by

BRICS, Jaitley said Indian economy is pegged to grow 7.2% in 2017 and 7.7% in 2018. “But

there are newer challenges, notably a possible shift towards inward-looking policy platforms and

protectionism, a sharper than expected tightening in global financial conditions that could interact

with balance sheet weaknesses in parts of the euro area and increased geopolitical tensions,

including unpredictable economic policy of US,” he said.

He pointed to huge investment opportunity in India’s infrastructure space and the rest of emerging

economies while urging NDB to step up funding as existing multilateral lenders are unable to

meet the demand. He pegged India’s “unmet infrastructure funding needs” at $ 646 billion over

the next five years. Jaitley added that India has sought $ 2 billion in loans from NDB.

Reserve Bank of India set to get more power to deal with stressed assets - The government

plans legislation that will empower the Reserve Bank of India to deal much more effectively with

stressed assets than before as part of a broader plan to resolve banks' bad loans, a long-festering

issue that's been holding back the economy from achieving its full potential. The Centre may even

issue an ordinance to enable RBI to direct banks on dealing with stressed assets as moving the

Banking Regulation Act amendment through Parliament could take time, The reworked law will

also empower RBI to set up oversight panels that will shield bankers from later action by probe

agencies looking into loan recasts. Bad loans rose by over Rs. 1 lakh crore in the first nine months

of last fiscal to Rs. 6.07 lakh crore by December 31, 2016, minister of state for finance Santosh

Gangwar had said in a written reply to the Rajya Sabha. Public Sector Banks' Gross bad loans

stood at Rs. 5.02 lakh crore at the end of March 2016, up from Rs. 2.67 lakh crore at the end of

March 2015.

Government exceeds FY17 tax collection target at Rs 17.10 lakh crore - The government has

exceeded the tax collection estimates for 2016-17 fiscal at Rs. 17.10 lakh crore. The revised

estimates provided in Budget on February 1 had projected tax collections of Rs. 16.97 lakh crore.

The Finance Ministry in a statement said that tax collection of Rs 17.10 lakh crore is a growth of

around 18 per cent compared to last year. Revenue Secretary Hasmukh Adhia said, "Total net tax

revenue grows at 18 per cent to Rs. 17.10 lakh crore, highest in last 6 years. While direct tax mop

up during the April-March period grew 14.2 per cent at Rs 8.47 lakh crore, indirect tax kitty

swelled by 22 per cent over last year to Rs 8.63 lakh crore. Net direct tax collections at Rs. 8.47

lakh crore shows 100 per cent achievement for RE of 2016-17. Indirect tax collection till March

2017 is 101.35 per cent of the RE for 2016-17 fiscal. The RE was pegged at Rs 8.5 lakh crore. In

terms of gross revenue collections, the growth rate in corporate tax was 13.1 per cent while that

of personal income tax was 18.4 per cent. However, after adjusting for refunds, the net growth in

corporate tax collections is 6.7 per cent while that of personal I-T collections is 21 per cent.

India, UK to consider free trade pact after Brexit - India and the United Kingdom may look at

a free trade agreement after Britain formally leaves the European Union. Finance minister Arun

Jaitley and UK chancellor of the exchequer Philip Hammond discussed the possibility of FTA

among other things on Tuesday at the 9th UK India economic and financial dialogue wherein

Britain pitched for increased trade engagement with India. The two leaders also agreed to set up a

240-million-pound fund, called Green Growth Equity Fund, — to finance clean energy projects.

It would be a sub-fund of the Centre’s National Infrastructure and Investment Fund to boost

infrastructure financing. On its part, India said a formal dialogue on a possible bilateral trade

agreement can start only after the completion of Brexit, which is expected to take about two

years.

India's growth to accelerate to 7.4 per cent in 2017-18: ADB - The Asian Development Bank

said that India's growth rate will improve to 7.4 per cent during 2017-18 and go up further to 7.6

per cent in the next fiscal, remaining ahead of China. "The impact of the demonetisation of

high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger

consumption and fiscal reforms are also expected to improve business confidence and investment

prospects in the country," said the Asian Development Outlook, ADB's flagship economic

publication. India recorded a growth rate of 7.1 per cent during 2016-17, notwithstanding the

fears that demonetisation of high-value currency notes of Rs 500/1,000 in November last year

would adversely impact the economic growth. "In India, the sub-region's largest economy, growth

is expected to pick up to 7.4 per cent in fiscal year and 7.6 per cent in 2018-19, following the 7.1

per cent registered last FY," it said.

India favourably placed for foreign investments: DIPP - : India holds the edge on parameters

like availability of skilled manpower, attractive consumer market, stable and decisive political

establishment to attract foreign investments, a top official said on Wednesday. According to

Department of Industrial Policy and Promotion, an enabling regulatory framework is imperative

to make that happen. Investment decisions are also to be seen in the larger context of performance

of the host economy, availability of skilled manpower, attractive consumer market, and most

importantly, stable and decisive political establishment. India is favourably placed on all these

parameters and provides great place for foreign investment,” said an official statement.

RBI projects inflation to rise to 5% - The Reserve Bank today projected retail inflation to

increase to 5 per cent in the second half of the current fiscal citing risks of El Nino impacting the

monsoon and one-off effects of the Goods and Services Tax. For 2017-18, inflation is projected to

average 4.5 per cent in the first half of the year and 5 per cent in the second half," said the RBI's

first bi-monthly monetary policy statement for 2017-18. Risks are evenly balanced around the

inflation trajectory at the current juncture and there are upside risks to the baseline projection, it

said. The main one stems from the uncertainty surrounding the outcome of the south west

monsoon in view of the rising probability of an El Niño event around July-August, and its

implications for food inflation," RBI said, as it kept the status quo on key interest rate for the

third time in a row.

✍ TOP ECONOMY NEWS

India’s manufacturing activity expanded the fastest in five months in March, buoyed by a sharp

uptick in production and new orders, a private survey showed on Monday. The Nikkei India

Manufacturing Purchasing Managers’ Index rose to 52.5 in March, up from 50.7 in February and

the highest since demonetisation in November last year.

The Government is likely to introduce a legislation to empower the Reserve Bank of India for

effectively addressing the issue of stressed assets, as part of the bigger plan to resolve the issue of

banks' bad loans, which has greatly held back the economy from achieving its full potential.

Private equity firms invested about $ 5.44 billion across 117 deals during the quarter ended

March 2017, 36 per cent higher than the year ago period even as the number of transactions

declined, says a survey.

Improving the product diversify of Indian exports and including more high-tech products will

help India’s merchandise and services exports to cross $ 500 Billion mark by fiscal 2017-18 and

compete better in the international market, views the Federation of Indian Export Organisation.

The Ministry of Steel has organised a National Conference of secondary steel producers on the

theme Make in Steel for Make in India, in New Delhi. “It will place all steel producers on equal

footing and we are working to provide them conducive environment for growth. Secondary steel

sector will play a key role in meeting the targets set under Draft National Steel Policy 2017. I am

sure that the day-long conference with eminent speakers and participants will lead to concrete

outcomes that will shape the future of the industry,” said Minister of Steel, Chaudhary Birender

Singh.

Commerce Ministry today said it has spent Rs 2,454 crore under various plan schemes, which is

99.45 per cent of the allocation -- the highest in last five fiscals. In 2012-13, 98.02 per cent of the

allocation was spent for plan schemes, while the figure was 96.86 per cent in 2013-14, 96.50 per

cent in 2014-15 and 98.54 per cent in 2015-16, an official statement said.

India's service sector activity strengthened in March along with improved business conditions

which promoted job creation in the month, a private business survey showed on Thursday.

CPI inflation is likely to average higher at 5 per cent in the current fiscal on expectations of

increasing pressure on food prices as well as uptick in global oil and commodity rates, says a

Crisil report.

India’s growth rate will improve to 7.4% in 2017-18 and 7.6% in 2018-19, remaining ahead of

China, the Asian Development Bank said in its economic outlook for the region. The bank said

Prime Minister Narendra Modi’s decision to invalidate high-value bank notes is likely to have a

positive impact over the medium term.

The More households expect prices to rise in the next on year than three months ago, a Reserve

Bank of India survey released after the monetary policy review showed. 81% of the households

surveyed by the central bank expect prices to increase, up from 68% when the last survey was

done in December 2016.

✍ TOP CORPORATE NEWS -

State-owned Steel Authority of India Limited in 2016-17 has posted its best sales performance

with a growth of 8%. The company in 2016-17 sold 13.143 million tonnes of steel; and March

sales were 21% higher, standing at 1.575 million tonnes, as compared to the same month a year

ago.

Axis Bank Limited and ICICI Bank Limited sold Rs. 1,800 crore of loans to paper maker

Ballarpur Industries to Edelweiss Asset Reconstruction Company, according to source.

MEP Infrastructure Developers is planning to bag a Rs. 10,000 crore worth project, to be

tendered by the end of this year. The company already has bagged six national highway projects

that have exhausted all funds after being bid out as per the hybrid annuity model.

The premier global credit rating agency, Moody's Investors Service, stated on April 3, 2017 that

India's fifth largest private bank, Yes Bank Limited, has raised nearly Rs 49 billion in the

previous week, hence strengthening the bank's capital and loss absorbing buffer, besides

supporting the bank's credit growth.

Elecon Engineering Company Limited has received order worth Rs. 130 crore in its material

handling business.

Experiencing a plunge of 10.98 per cent, Bajaj Auto Limited reported a total sales of 2,72,197

units on April 3, 2017, in comparison to 3,05,800 units sold in the same month in the previous

year. The domestic sales aggregated to 1,69,279 units, down by 17.13 per cent in March 2017

against 2,04,281 units in the same period last year.

Dr. Reddy’s Laboratories Limited received Form 483 with 2 observations from US FDA, post

inspection. The 483 observations were received for its Active Pharmaceutical Ingredients plant at

Srikakulam in Andra Pradesh.

TVS Motor Company has posted its second consecutive upmove post release of March month

sales data. The company posted a sales growth of 10% in March 2017 with a y-o-y increase of

23824 units to 256341 units.

Auto-major Tata Motors Limited has drawn up plans including setting up of a new format

showrooms, doubling of sales and service outlets, as part of its vision to become a top three

automobile manufacturer in the country by 2019, a top official said.

Sunil Hitech Engineers Limited has been awarded orders worth Rs. 935.91 crores in the state of

Maharashtra on EPC Mode.

Tata Power announced on Thursday that its power generation crossed 51,000 Million Units for

the first time. The power generated is collectively from all its power plants in the year 2016-17.

With rife speculations about Reliance Defence and Engineering considering issue of up to Rs.

1200 crore, the stock of the company hiked by 3.4 per cent intraday on April 6, 2017. However

the decision is likely to come on April 11, 2017, post the company's board meeting.

The production capacity of the Oil and Natural Gas Corporation is anticipated to touch a

5-year high by the end of the current financial year. The commencement of a new project in the

Arabian Sea will propel the production in the coming few days.

Larsen and Toubro, construction and engineering major, commissioned gas turbines in open

cycle for two large gas-based power projects in Bangladesh during March, 2017.

Kolkata based FMCG giant Emami Group, is set to invest a humongous amount of Rs 1,000

crore to boost its edible oil business. While Rs. 800 crore will be allocated for the establishment

of its manufacturing units.

Vadodara-headquartered Alembic Pharma on Friday received USFDA approval for its ANDA

for Fluoxetine Hydrochloride tablets. The tablets of 10mg and 20mg received the approval.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Public sector Indian Bank has revised its interest rates on foreign currency Non-Resident term

deposits with immediate effect. For FCNR deposits, in USD terms, the revised interest rate has

been fixed at 2.40 per cent for deposits of one year and above, but less than two years from 2.33

per cent.

The benefits of merger of State Bank of India with its five associates will not be felt by the bank

but its borrowers as well. The bank is gearing up to offer lower interest rates on home, car and

personal loans to thousands of customers migrating from the associate banks to the parent SBI.

The Senior government officers told that neither bank has approached the Centre with a plan and

in any case the plan being discussed at length in the analyst community does not make sense. The

government is the largest shareholder in private sector lender Axis Bank Limited through the

Specified Undertakings of the erstwhile Unit Trust of India, which holds a 12% stake.

Cash withdrawal has been falling rapidly, post demonetisation, as borne out by the fact that it is

down to Rs. 32,500 crore in the week to March 24 from a peak of Rs. 52,800 crore for the week

ended January 13, says a report.

Mid-sized private sector lender Yes Bank Limited has said its the balance sheet of its

international banking unit in the GIFT City has crossed the $1 billion mark in the past financial

year.

State Bank of India bad loans have ballooned approximately 50 per cent in the span of a year

and those of its five associate banks by 170 per cent. The bank will likely have to increase its

provisioning for bad loans -- setting aside money to partly cover the non-performing assets

following its merger with five subsidiaries.

Various policy initiatives taken by the RBI in its first bi-monthly review of 2017-18 with focus on

inflation and stressed asset management will restore confidence of investors in the economy, say

bankers..

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