TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Bench mark Index Nifty 50 closed at 8935 after making a high of 8978

and a low of 8892 on last week, and opened on a positive note on Monday trading session at 9091

up by 157 points or 1.72 per cent. The Nifty 50 opened above its all time high of 9119 gave a big

salute to Narendra Modi led BJP government win in India biggest state UP. The BJP government got

325 seats out of 403 seats in the state. The market opened with euphoric buying sentiment and fresh

buying trapped. The BJP’s clear sweep in UP was a big positive surprise for the market Nifty was

trading all time high up by 150 points. Apart from Indian politics, market also get impacted on the

revival WPI & CPI data along with hosts of global Geo-political & central banks events. Now all

major events like UP Polls and US Fed Interest Rate hike have been finished which will remove

Uncertainty from the markets and Indian Stock Market would head towards new highs. Nifty would

move positive and traders should hold long positions or go long at every dip in the market. 9011

would be crucial level Down side for Nifty Market would remain buy on dips until 9011 levels.

Time and Price action suggests that, Nifty has to sustain over 9145 area for further rally towards

9207-9238 in the short term. The Crucial levels for Nifty 9120-8980 is Down side and 9220-9248 is

Up side..

BANK NIFTY : - The Banking stocks Index Bank Nifty closed at 20727 on Friday after making a

high of 20877, the index made a low of 20648. Index also opened gap up at 21190 and made an all

time high of 21274 & closed at 21103, which is 375 points high from its previous day’s close of

20728. ICICI Bank rose by 6.17% which was the top mover in the Banking Index. The other banks

like HDFC Bank was up by 0.76% , SBIN by 0.96%, Kotak Bank by 0.87% and Yes Bank by

3.40%. The Bad loans of public sector banks rose by over Rs. 1 lakh crore during April-December

period of 2016-17. Bank Nifty would move towards the level of 21500-22000 soon, Bank Nifty has

to sustain over 21400 area for further rally towards 21500-21675 & 21855-21950 in the near term.

On the other side, sustaining below 21350 area, Bank Nifty may fall towards 21200-21100 &

21000-20900 in the near term.

Monday, 20 March 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9282 9204 9165 9126 9048

WEEKLY R2 R1 PP S1 S2

9512 9260 9134 9008 8756

MONTHLY R2 R1 PP S1 S2

10049 9395 9068 8741 8087

BANK NIFTY

DAILY R2 R1 PP S1 S2

21700 21364 21196 21028 20692

WEEKLY R2 R1 PP S1 S2

21873 21405 21171 20937 20469

MONTHLY R2 R1 PP S1 S2

23590 21838 20962 20086 18334

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8919 8735 8589 8441

BANK NIFTY 20648 20075 19568 18963

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8955 8522 8209

BANK NIFTY 20498 19101 17458

PATTERN FORMATION ( NIFTY )

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

Parabolic SAR both the indicators are indicating bullish rally in the Market. Time & Price action

suggests that, Nifty has to sustain over 9180 area for further rally towards 9240-99280 for the

upcoming week. Technically , Bollinger Band Suggest that the Market will move toward new high.

Upper Band of Bollinger Band becoming on 9190 to 9200 in Nifty which both surface can be

considered as the Near Resistance. If break this level lift the higher Nifty in Near term. 9180-9220

would be Significance Resistance levels for Index and 8980-8946 is Significance Support.

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 21200 level will move toward 21600-21800 levels. The support for Bank Nifty is at

21120-21000-20950-20850 and the resistance to the up move is at 21250-21380-21500-21720

levels.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1437 1423 1413 1399 1389

ADANI PORTS EQ 331 327 324 320 317

AMBUJACEM EQ 238 235 233 230 228

ASIAN PAINT EQ 1099 1089 1082 1072 1066

AXISBANK EQ 521 517 514 510 507

BAJAJ-AUTO EQ 2975 2944 2917 2886 2859

BANKBARODA EQ 172 170 168 165 162

BPCL EQ 654 647 642 635 630

BHEL EQ 173 171 170 168 165

BHARTIARTL EQ 367 362 357 352 346

BOSCH LTD EQ 23159 22960 22800 22601 22441

BHARTI INFRATEL EQ 312 310 308 306 304

CIPLA EQ 607 601 597 591 587

COALINDIA EQ 295 292 291 288 287

CAIRN INDIA LTD EQ 301 297 294 290 287

DRREDDY EQ 2766 2750 2737 2721 2708

GAIL EQ 382 380 378 374 372

GRASIM EQ 1065 1052 1041 1028 1017

HCLTECH EQ 881 873 863 855 845

HDFC EQ 1468 1459 1448 1439 1428

HDFCBANK EQ 1436 1431 1421 1416 1406

HEROMOTOCO EQ 3384 3366 3355 3337 3326

HINDALCO EQ 202 200 196 194 190

HINDUNILVR EQ 915 909 904 898 893

ICICIBANK EQ 288 284 282 278 276

ITC EQ 293 286 281 274 269

INDUSIND BANK EQ 1409 1396 1382 1369 1355

INFY EQ 1056 1048 1033 1025 1010

IDEA CELLULAR EQ 116 111 109 104 102

KOTAKBANK EQ 860 854 848 842 836

LT EQ 1584 1568 1556 1540 1528

M&M EQ 1341 1321 1311 1291 1281

MRF EQ 57421 56410 55688 54677 53955

MARUTI SUZUKI EQ 6264 6226 6188 6150 6112

ONGC EQ 193 191 190 188 187

NTPC EQ 162 160 159 157 156

RCOM EQ 39 38 37 36 35

RELCAPITAL EQ 621 611 603 593 585

RELIANCE EQ 1327 1314 1306 1293 1285

RELINFRA EQ 604 592 585 573 566

RPOWER EQ 49 48 47 46 45

SBIN EQ 281 277 275 271 269

SSLT( VEDL) EQ 271 267 264 260 257

SUNPHARMA EQ 722 714 708 700 694

TATA MOTORSDVR EQ 298 292 288 282 278

TCS EQ 2566 2549 2529 2512 2492

TATAMOTORS EQ 490 483 477 470 464

TATAPOWER EQ 89 87 86 84 83

TATASTEEL EQ 512 506 502 496 492

UNIONBANK EQ 159 156 154 151 149

YES BANK LIMITED EQ 1554 1531 1517 1494 1480

ZEEL EQ 532 525 520 513 508

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 BEL 1567 161 - 89.69 %

2 RPPINFRA 297 265 - 10.71 % -

13 TPLPLASTEH 521 472 - 9.43 %

4 STINDIA 17.30 15.80 - 8.67 % -

85 COAL INDLTD 316 289 - 8.55 %

6 JAYPEE INFR 11.60 10.70 - 7.76 % -

77 JAIP ASS 14.95 13.90 - 7.02 %

8 TTML 9.00 8.45 - 6.11 % -

69 SHEMAROO ENT 413 389 - 5.91 %

10 CRISIL 1975 1877 - 4.97 % -

411 BHARTI AIRTEL 364 346 - 4.95 %

12 REPRO INDIA LTD. 397 381 - 3.94 % -

313 ONGC 192 190 - 0.90 %

14 GAIL IND LTD 378 375 - 0.82 % -

0

15 TCS 2542 2525 - 0.65 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 ADANI PORTS 298 325 + 8.90 %

2 TATA STEEL 467 502 + 7.37 %

3 ITC LIMITED 263 281 + 6.76 %

4 BHEL 158 168 + 6.67 %

5 HDFC 1373 1451 + 5.63 %

6 TATA POWER 81 86 + 5.37 %

7 AUROBIND PHARMA 652 687 + 5.37 %

8 ULTRATEC CEMENT 3852 4039 + 4.86 %

9 ASIAN PAINTS 1030 1079 +4.78 %

10 HINDALCO INDUS 187 196 + 4.58 %

11 GRASIM INDUS 999 1041 + 4.24 %

12 L&T 1491 1552 + 4.09 %

13 MARUTI SUZUKI 5955 6192 + 3.98 %

14 BANK OF BARODA 159 164 + 3.71 %

15 ICICI BANK 270 280 + 3.71 %

OPEN INTREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Arun Jaitley meets FinMin's consultative committee, discusses banks' bad loans - The

government is taking sector-specific measures to deal with bad loans, especially the resolution

of large debts, and may include setting up of more oversight committees, as initiated by the

Reserve Bank of India, for faster settlement of such cases. RBI has made an oversight

committee to look into process of cases referred to it by different banks. Seeing the response

and its performance, the government is considering multiplication of such committees," finance

minister Arun Jaitley told the first meeting of his ministry's consultative committee on

Wednesday, which discussed non-performing assets. According to a finance ministry noted

statement, Jaitley said the core problem of non-performing assets was with very large

companies - although few - mainly in steel, power, textile and core sectors.

Corporate debt pie grows by 15 per cent as on December 31 - India’s corporate debt market

has grown significantly in the past few years. Total outstanding debt posted a trend growth of 15

per cent to Rs. 106.88 lakh crore as on December 31, 2016, from Rs. 45.31 lakh crore as on

March 31, 2011. But most of the issuers are top-rated firms. With limited investor interest,

lower rated issuers continue to rely on the banking sector to meet their funding requirements.

Such issuers are in the infrastructure and other capital-intensive sectors.

Exports jump 17% to $ 24.5 billion in February; trade deficit widens - India’s merchandise

exports registered double-digit growth in February for the first time since the Narendra Modi

government took office, on the back of a 47% rise in engineering goods and improved

international demand. Some analysts say it could be the highest growth witnessed in about five

years. Exports swelled by 17.48% in February to $24.5 billion but a steeper increase in imports

at 21% widened the trade deficit to $ 8.8 billion — from $ 6.5 billion in the year-ago period.

This is the sixth consecutive month of an increase in exports this year but double digits were last

seen in June 2014. “In continuation with the revival since September 2016, exports during

February for the first time exhibited a double-digit positive growth... Overall, trade balance has

improved,” noted a commerce and industry ministry statement. The month saw 23 of 30

exporting sectors, led by iron ore, registering more exports.

Governement launches Rs. 600 crore scheme for developing export infrastructure - The

government today launched a Rs. 600-crore scheme - TIES - for developing export linked

infrastructure in states with a view to promoting outbound shipments. Launched by Commerce

and Industry Minister Nirmala Sitharaman, the Trade Infrastructure for Export Scheme seeks to

bridge the infrastructure gap and provide forward and backward linkages to units engaged in

trade activities. The scheme, to be implemented from April 1, would have a budgetary allocation

of Rs. 600 crore for three years with an annual outlay of Rs. 200 crore. Five per cent of the grant

approved would be used for appraisal, review and monitoring. It will be implemented from

2017-18 till 2019-20.

Indian economy to pick up once impact of note ban fades: IMF - India's economic growth is

expected to pick up once the effects of cash shortages linked to the currency exchange initiative

fade, the International Monetary Fund has said. Prime Minister Narendra Modi on November 8

had announced scrapping of old Rs 500 and Rs 1000 notes, pulling out 86 per cent of the total

currency in circulation. Noting that India's fiscal deficit is expected to continue narrowing in the

Near-Term, the IMF in its note titled 'Global Prospects and Policy Challenges' said, "Further

subsidy reduction and tax reforms, including a robust design and full implementation of the

Goods and Services Tax, are necessary to attain medium-term fiscal consolidation plans.

State election results to facilitate reforms: Moody's - Global credit rating agency Moody's

Investor's Service on Wednesday said the recent state election results will facilitate reforms by

the BJP led Indian government. In a statement Moody's said the 2017 state election results

demonstrate broad-based popular support for the Indian government's policy agenda and will

facilitate the implementation of further reforms, a credit positive for the sovereign. Moody's said

the Bharatiya Janata Party has made substantial gains in the state elections. As a result, the party

will increase its share of seats in the upper house of India's parliament. The ruling party will not

feel the benefit of its electoral gains immediately, because the changes in the upper house will

only occur next year, when some members retire," said William Foster, a Moody's Vice

President and Senior Credit Officer.

Retail Inflation increases to 3.65 per cent in Feb, WPI at 6.55 per cent - Firmer food and

fuel prices drove India’s overall inflation higher in February, further dimming any possibility of

a cut in interest rate by the Reserve Bank of India amid worries of hardening global commodity

prices and expectation of vegetables turning dearer as summer approaches. India’s headline

inflation rate based on the Consumer Price Index went up to was 3.65 per cent in February

compared with 3.17 per cent in January and 5.26 per cent a year ago, data released by statistics

office showed on Tuesday. Data released by the commerce and industry ministry showed India’s

wholesale inflation firming up to a 39-month high of 6.55 per cent in February from 5.25 per

cent in January. The increase in prices may weaken the case for an immediate interest rate cut

by the RBI, which had kept lending rates unchanged at the last review in February, citing risks

to inflation. The next meeting of the monetary policy committee is scheduled for April 5-6.

Fed rate hike to have minimal impact on RBI policy: India Inc - The interest rate hike by

the US Fed is not likely to create much volatility in Indian markets and will have only a

minimal impact on the RBI's monetary policy stance, industry bodies said today. Ficci said the

monetary policy stance of the RBI is likely to be determined by a host of factors, the Fed rate

hike being one of them. "Since Fed rate hike is not expected to create much volatility in the

Indian markets, this should have minimal influence on RBI's policy stance," the chamber said in

a statement. It hoped that RBI will adopt an accommodative stance in its forthcoming monetary

policy, scheduled to be announced on April 6. It also said that the Fed rate hike is not likely to

have any significant impact on the Indian economy. While there could be some capital outflows,

India is expected to be least impacted amongst the emerging markets," it added.

✍ TOP ECONOMY NEWS

Hitting a 40-month high, India's wholesale inflation rose 6.55% in February led by higher fuel

and power prices even as food prices began to rise. Wholesale price inflation had risen 5.25% in

January and declined 0.85% in February last year, data released by the commerce and industry

ministry showed on Tuesday.

A report by the Comptroller and Auditor General on direct taxes, tabled in Parliament last week,

has criticised the Income Tax department for being selective in picking up cases, while ignoring

thousands of shell companies engaged in money laundering in the commercial hub of Mumbai

which were detected by other enforcement agencies.

The GDP data based on 2011-12 base year does not reflect the momentum of economic

activities across the spectrum and a more realistic methodology is required, says a

Parliamentary panel. The Parliamentary Standing Committee on Finance in its report on the

Statistics Ministry tabled in Parliament also pointed out that several experts have expressed the

possibility of over estimation of GDP for 2016-17 in the wake of demonetisation.

Currency in circulation has risen 13.5% in one month between February 10 and March 10 and

is at Rs. 12.46 lakh crore as of March 10, according to latest Reserve Bank of India data. Even

as normalcy was expected by February end, at the current levels, the total currency in

circulation is at 70% of the early November levels before the Reserve Bank of India banned Rs.

500 and Rs. 1000 notes as legal currency.

The government has issued revised demand-cum-show cause notices for Rs. 30,776 crore to 6

telecom firms for under-reporting revenues in four fiscal's up to 2009-10, Parliament was

informed. Department of Telecom revised and issued demand cum show cause notices to six

Telecom service providers for a total amount of Rs 30,776 crore (Rs 29,474 crore as licence fee

and Rs 1,302 crore as spectrum usage charges), Telecom Minister Manoj Sinha said in a written

reply to Lok Sabha.

The GST Council is likely to endorse tomorrow supplementary legislations needed for

implementation of the Goods and Service Tax regime. The Council, headed by Finance Minister

Arun Jaitley and comprising representatives of all states, may also take up capping the cess to

be levied on demerit goods like luxury cars and tobacco products for creation of a corpus that

will be used for compensating states for any loss of revenue from GST implementation in the

first five years.

Divergence in movements of wholesale prices and retail prices explains non-alignment of

manufacturing output Gross Domestic Product with the Index of Industrial Production , a report

by ratings firm Crisil said.

The Goods and Services Tax Council on Thursday capped the proposed cess on aerated drinks

and luxury Automobiles at 15% and 290% on cigarettes and also approved the State GST and

Union Territory GST laws.

The telecom regulator is reviewing “procedural issues” in the sector to make it more business

friendly, its chairman said. “In the consultation paper floated by us on March 14, we are looking

at the procedural and not the policy issues,” Telecom Regulatory Authority of India’s RS

Sharma said.

A Parliamentary panel has suggested the government to tread with caution in strategic

divestment and shutting down sick public sector units and also asked it to provide reasonable

and financially prudent chances for their revival. In its report, the Department Related

Parliamentary Standing Committee on Industry said it is always prudent to keep in mind that

Central Public Sector Enterprises are also meant to serve certain larger social causes.

The interest rate hike by the US Fed is not likely to create much volatility in Indian markets and

will have only a minimal impact on the RBI's monetary policy stance, industry bodies said.

✍ TOP CORPORATE NEWS -

Reliance Group company, Reliance Capital Limited is planning to separate out its retail Health

Insurance business, into a standalone, wholly owned subsidiary of its General Insurance

business.

Manpasand Beverages Limited, one of India’s leading fruit juice players, is aggressively

expanding its reach in Tamil Nadu to take advantage of the ongoing cola ban in the state.

HCL Technologies Limited company on Wednesday announced that it will be considering buy

back of its shares. The board of directors of the company are going to meet on March 20 to

consider a proposal for buyback of the equity shares.

In order to counter Reliance Jio, Idea Cellular Limited has partnered with Itel to provide

Indian telecom users1GB of free data every month for 6 months. The offer can be availed on

selected smartphones by Itel only.

Prabhat Dairy Limited promoters have increased their stake in the company by 4.57% to

45.49%. The promoters through creeping acquisition in the last two months have increased their

stake. The promoters owned, Nirmal Family Trust has acquired 44.72 lakh shares for about Rs.

58 crore.

The crude steel production of JSW Steel Limited went up nearly 25% to 12.65 lakh tonnes in

February month as compared 10.13 lakh tonnes in the month of February last year. Flat rolled

steel products in February month soared 23.1% to 8.96 lakh tonnes as against 7.28 lakh tonnes

in the month of February last year.

Wipro Limited has announced that the company has bagged a 12 year contract from NHS

Scotland. The contract is to build a next generation Enterprise Master Patient Index solution.

The Information Technology giant is partnering with NextGate to enable the eMPI solution in

Scotland.

Pharma majors, Alkem Laboratories Limited jumped over 3% on Wednesday, after getting

approval from US FDA. The US drug regulator approved the Exemestane tablets of Mylan,

which is a partner of Biocon. These tablets are used to treat breast cancer. Whereas, the

regulator gave a nod for Lidocaine ointment of Alkem Labs, which is used to treat ventricular

tachycardia.

The Bharat Heavy Electricals Limited has commenced commercial operation of 800 MW

unit- highest rated coal based thermal plant. The milestone was achieved for the first unit of

Yeramarus thermal power station of Raichur Power Corporation in Karnataka.

IndusInd Bank Limited has informed that it will acquire 100% stake in Infrastructure Leasing

and Financial Services. IndusInd Bank is already one of the strong players in the capital market

business, with a client base of more than 500 brokers.

Telecom operator Bharti Airtel Limited has shelved plans to sell controlling stake in its mobile

tower arm Bharti Infratel but has decided to monetise 21.63 per cent equity in the company.

Kalpataru Power Transmission Limited, which has so far enjoyed a strong foothold in

engineering jobs for the power transmission sector, is scaling up its business in pipeline and

railways-related jobs to offset the slowdown in domestic orders. The company expects to grow

at 15-20 per cent with operating margins of around 11 per cent in the current fiscal to March and

in the next year 2017-18.

Larsen & Toubro's electrical and automation unit has bagged an order worth Rs 500 crore

Qatar Rail Company for Phase 1 of Doha Metro, the engineering major said in a release on

Thursday.

Indian multinational oil and gas company head quartered in Dehradun, Oil and Natural Gas

Corporation Limited will invest over Rs. 21500 crore to develop India’s deepest gas discovery

by 2022-23.

Lupin Limited announced today the launch of Mibelas™ 24 Fe (Norethindrone Acetate and

Ethinyl Estradiol Chewable Tablets, 1 mg/0.02 mg and Ferrous Fumarate Tablets, 75 mg)

having received an approval from the USFDA.

Kalpataru Power Transmission to offset the slowdown in domestic orders the company is

scaling up its business in the pipeline and railways-related jobs. The company so far for the

power sector enjoyed a strong foothold in engineering jobs. A growth of 15-20% is expected

with operating margins of nearly 11% in the current fiscal to March and in the next year

2017-18.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

As the Indian regulatory environment gets stricter by the day, there is need to get the balance

right with respect to the intersection of board and management for handling future changes

Arundhati Bhattacharya, Chairman, State Bank of India said.

The government is expected to initiate reforms in the financial sector soon, starting with merger

of Bharatiya Mahila Bank with State Bank of India, India’s largest lender. Other key decisions

that may be unveiled over the next 2-3 months include new capital infusion parameters for

2017-18, a consolidation road map for state-run banks and insurance firms and steps to resolve

stressed assets.

Bad loans of public sector banks rose by over Rs. 1 lakh crore during April-December period of

2016-17, the bulk of which came from power, steel, road infrastructure and textiles sectors.

Public sector banks' gross bad loans stood at Rs 5,02,068 crore at the end of 2015-16.

State Bank of India chairperson Arundhati Bhattacharya blamed the governance at Public

Sector Banks for poor investor appetite for them and their resultant inability to raise cheaper

funds from markets.

Five public sector banks have been permitted by the government to raise Rs. 949.27 crore from

the markets. Allahabad Bank, United Bank, Bank of India, UCO Bank and

Central Bank are the banks which are to raise Rs. 949.27 crore via preferential shares from

markets, said the Minister of State Finance, Santosh Kumar Gangwar, in a written reply to the

Rajya Sabha.

Banks Board Bureau chairman Vinod Rai wrote a strongly worded letter to the Finance

Ministry and the Prime Minister's Office highlighting the lack of action by banks on bad loans

and suggesting a possible way ahead, said two officials with knowledge of the matter. The

letters were sent earlier this month after a meeting on bad loans at the PMO that was also

attended by Rai.

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