TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Bench Mark Index Nifty has given breakout of its weekly target 8598 and made a

high of 8672 Last week Nifty closed at 8641 after making a low of 8327. The Nifty Index rallied by 3.5% in

last week. Bull has shown strong control on Indian Market on Friday, where Nifty rallied 0.45% the equity

benchmark Nifty opened at 8611 and made a low of 8607, the index rallied to make high of 8673 and closed at

8641. Nifty open flat note on Monday down by 6 points at 8635. Speculative movement is expected on UP

election. First phase of election will start from 11 th Feb and results will be declared on 15 th of March. RBI to

announce its Monetary Policy on 8th Feb, expectation of which will also have a major impact on the markets.

Federal Reserve to announce its Monetary policy, This may also affect the market movement. Market is still in

Positive zone and traders should go long at every dip in the market. Some profit booking can’t be ruled out but

every downfall would be temporary and an opportunity for traders to go long in the market. Nifty is now

headed towards 8900-9000 levels. Market would enter into negative zone, if it closes below 8627 levels. For

now, Market has taken monthly reversal and 9000 levels would achieve in upcoming days for Nifty irrespective

of any temporary downfall. The Significance levels of Nifty is 8628-8565 is Down side and 8825-8962 is Up

side.

BANK NIFTY : - Bank Nifty outperformed the Nifty and rallied 4.72% to make a high of 19795 and closed

at 19708, the Index low was 18722 and opening was at 18762. Bank Nifty also participated in the rally on

Friday and made a high of 19795 and closed at 19708, 235 points up from its previous day’s close of 19473.

ICICI Bank has risen by 4.64%, which has 19% weight-age in the Banking Index. Bank’s credit growth is

likely to remain subdued at 5-6 per cent in the current financial year on weak loan demand and as debt market

continues to offer better priced. Although, Bank Nifty is in Positive momentum and would drive market

towards specified targets. Traders can hold long positions with stoploss of 19726 for Bank Nifty spot levels on

closing basis. The Resistance to the up move is at 20180-20270-20380-20576 levels and Support for Bank

Nifty is at 19890-19760-19650 for next week

Monday, 6 Febuary 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8848 8768 8728 8688 8608

WEEKLY R2 R1 PP S1 S2

9331 8893 8674 8455 8017

MONTHLY R2 R1 PP S1 S2

9331 8893 8674 8455 8017

BANK NIFTY

DAILY R2 R1 PP S1 S2

20715 20319 20121 19923 19527

WEEKLY R2 R1 PP S1 S2

22259 20711 19937 19163 17615

MONTHLY R2 R1 PP S1 S2

22171 20691 19951 19211 17731

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8464 8365 8356 8295

BANK NIFTY 19146 18868 18779 18434

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8432 7989 8084

BANK NIFTY 18860 17726 16970

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given Chart of Nifty We can see that Nifty index has been trading in

the Range of 8700-8780 Range in Whole Week. . We also see that the index is building a Bearish

Kind of’ Pattern. The Bullish Pattern had made in the levels of 8350 after which it created a high of

8780. If Trend is Followed, Nifty would trade in Positive zone for next trading session and can touch

the level of 8900. The Bollinger Band is Also giving Signal that if it is not Sustaining the Level of

8340 could move the Nifty toward the 9000 level. The Support for the Nifty is 8600-8650-8700 and

the Resistance to the up move is at 8760-8800 levels.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band

along with MACD. Both are the Indicators trading in Positive Territory and it is clearly visible if the

banking Index is able to Sustain the level of 20050 can move the index toward the 20350-20400 level

in near term. From this level we are Expecting the If Bank Nifty is able to Sustain the Level of 20250

may go Further Up side to the level of 20300-20450 Level for Next week or sustaining below 20100

zone, Bank Nifty may further fall towards 19900-19550 area for next week trading Session. The

Support for Bank Nifty is at 20050-19950 and the Resistance to the up move is at 20250- 20500

levels..

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1456 1441 1425 1410 1394

ADANI PORTS EQ 316 310 306 300 296

AMBUJACEM EQ 234 232 230 228 226

ASIAN PAINT EQ 998 992 986 980 974

AXISBANK EQ 499 495 487 483 475

BAJAJ-AUTO EQ 2831 2820 2805 2794 2779

BANKBARODA EQ 194 190 183 179 172

BPCL EQ 710 704 696 690 682

BHEL EQ 144 143 141 140 138

BHARTIARTL EQ 366 360 356 350 346

BOSCH LTD EQ 23169 22779 22557 22167 21945

BHARTI INFRATEL EQ 308 303 299 294 290

CIPLA EQ 630 619 599 588 568

COALINDIA EQ 330 328 324 322 318

CAIRN INDIA LTD EQ 289 283 278 272 267

DRREDDY EQ 3205 3174 3128 3097 3051

GAIL EQ 488 484 477 473 466

GRASIM EQ 969 957 948 936 927

HCLTECH EQ 847 839 828 820 809

HDFC EQ 1419 1407 1396 1384 1373

HDFCBANK EQ 1327 1317 1307 1297 1287

HEROMOTOCO EQ 3249 3231 3216 3198 3183

HINDALCO EQ 199 195 192 188 185

HINDUNILVR EQ 861 855 847 841 833

ICICIBANK EQ 288 285 281 278 274

ITC EQ 278 275 273 270 268

INDUSIND BANK EQ 1339 1323 1297 1281 1255

INFY EQ 951 942 932 923 913

IDEA CELLULAR EQ 115 112 110 107 105

KOTAKBANK EQ 784 774 767 757 750

LT EQ 1506 1494 1475 1463 1444

M&M EQ 1283 1271 1262 1250 1241

MRF EQ 53855 52453 51251 49849 48647

MARUTI SUZUKI EQ 6188 6160 6128 6100 6068

ONGC EQ 204 203 201 200 198

NTPC EQ 174 173 172 171 170

RCOM EQ 43 39 37 33 31

RELCAPITAL EQ 511 500 485 474 459

RELIANCE EQ 1058 1045 1038 1025 1018

RELINFRA EQ 554 545 537 528 520

RPOWER EQ 49 47 46 44 43

SBIN EQ 282 280 276 274 270

SSLT( VEDL) EQ 265 257 253 245 241

SUNPHARMA EQ 655 651 646 642 637

TATA MOTORSDVR EQ 344 338 336 330 328

TCS EQ 2276 2257 2224 2205 2172

TATAMOTORS EQ 536 529 524 517 512

TATAPOWER EQ 83 82 81 80 79

TATASTEEL EQ 485 479 473 467 461

UNIONBANK EQ 180 174 162 156 144

YES BANK LIMITED EQ 1413 1406 1396 1389 1379

ZEEL EQ 523 509 500 486 477

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 BHARTA INFRA 353 299 - 15.27 %

2 TCS 2357 2232 - 5.31 % -

53 AUROBINDO 713 684 - 4.05 %

4 TATAMOTORSLTD.

541 522 - 3.57 % -

35 NTPC 177 171 - 3.13 %

6 KOTAK BANK 785 765 - 2.52 % -

27 ONGC 204 200 - 1.74 %

8 WIPRO LTD 465 457 - 1.68 % -

19 BAJAJ AUTO LTD. 2854 2808 - 1.61 %

10 HCL TECH 844 830 - 1.59 % -

111 AMBUJA CEM 232 229 - 1.52 %

12 BHARAT PETRO 704 698 - 0.87 % -

013 HUL 855 849 - 0.72 %

14 GAIL LTD. 482 478 - 0.69 % -

0

15 INFOSYS 942 936 - 0.64 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1IDEA CELLULAR

78 109 + 40.32 %

2BANK OF BARODA

167 186 + 11.18 %

3BHARTI AIRTEL

323 353 + 9.28 %

4ITC LTD.

257 273 + 6.08 %

5DR. REDDY'S LABS

2994 3144 + 5.01 %

6CIPLA

580 607 + 4.78 %

7SBI

266 277 + 4.17 %

8 INDUSIND BANK

1253 1303 + 3.98 %

9AXIS BANK LTD.

472 490 + 3.77 %

10ICICI BANK

272 281 + 3.51 %

11MARUTI SUZUKI

5915 6115 + 3.37 %

12TECH MAHINDRA

467 480 + 2.86 %

13L&T

1439 1480 + 2.83 %

14COAL INDIA LTD.

317 326 + 2.64 %

15BHEL

139 142 + 2.22 %

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE :BUY DISHTV FUTURE ABOVE 89 TGT 92 SL 87.50

NSE FUTURE :BUY UNION BANK FUTURE ABOVE 155 TGT 160 SL 152

NSE FUTURE :BUY MARUTI FUTURE ABOVE 6200 TGT 6300 SL 6150NIFTY

NSE CASH

NSE CASH : BUY GULFPETRO NSE CASH ABOVE 94.60 TGT 103 SL 92.

NSE CASH : BUY QUICKHEAL NSE CASH ABOVE 281 TGT 297 SL 274

NSE CASH : BUY PVR NSE CASH ABOVE 1280 TGT 1355 SL 1250.

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Indian economy to grow 7-7.5 per cent in FY'18: Arvind Panagariya - Niti Aayog

vice-chairman Arvind Panagariya today expressed hope that the economic growth

in the next fiscal year would be in the range of 7-7.5 per cent. He said. By nature, I

am an optimist, so I would remain on the higher side of it. So, if you feel that this

range is too wide, personally, I would narrow it down to 7-7.5 per cent and maybe

on the higher side of it with higher probability," Panagariya said. Niti Aayog vice

chairman's statement assumes significance as it comes after the Economic Survey

today. The pre-budget document pegged India's economic growth for 2017-18 in

the range of 6.75-7.5 per cent.

India one of world's largest recipients of FDI: Economic Survey - India has

become one of the largest recipients of foreign direct investment on account of

reform measures taken by the government, the Economic Survey for 2016-17 said

today. FDI reform measures were implemented, allowing India to become one of

the world's largest recipients of foreign direct investment ... India's FDI has risen

sharply over time," the document, which was tabled in Parliament, said. In the most

recent year, it said FDI is running at an annual rate of USD 75 billion, which is not

far short of the amounts that China was receiving at the height of its growth boom

in the mid-2000s.

Black money: It could be Rs 3 lakh crore or Rs 7.3 lakh crore, says Economic

Survey - The amount of potential black money in the system could be Rs. 3 lakh

crore or Rs 7.3 lakh crore, says the Economic Survey. To estimate amount of black

money, the Survey has used assumptions of soil rates - rate at which notes are

considered to be too damaged to use and have been returned to the central bank - of

other countries. The survey has used assumptions of soil notes of other countries to

arrive at the number. "Using relative soil rates for the $50 and $20 notes and

applying them to comparable Indian high denomination notes, yields an estimate of

the amount not used for transactions, and hence potentially black, of about Rs 3

lakh crore," said the Economic Survey in Demonitisation: to Defy or Demonitise.

Rs 3 lakh crore represents 2% of the GDP.

India's fiscal deficit reaches 94% of the budget estimate in December - Fiscal

deficit in the first nine months of 2016-17 touched 93.9 per cent of the Budget

target against 87.9 per cent for the same period a year ago. In value terms, the

April-December fiscal deficit stood at Rs 5.01 lakh crore, or 93.9 per cent, of

2016-17 Budget estimates. The fiscal deficit stood at 87.9 per cent in the

corresponding nine months a year ago, as per 2015-16 BE. Fiscal deficit, the gap

between expenditure and revenue for the entire fiscal, has been pegged at Rs 5.33

lakh crore, or 3.5 per cent of the GDP, for the fiscal 2016-17.

Economic Survey calls for need to set up government owned ARC to revive

economy - The Economic Survey has called for a need to set up government owned

asset reconstruction company in an attempt resolve the problems of mounting bad

debts and revive the economy. This move, the Survey hints, could also ring fence

PSU bankers from being questioned by investigative agencies on resolution of bad

loans. The Economic Survey for 2016-17 has proposed setting up of Public Sector

Asset Rehabilitation Agency which would "take charge of the largest, most difficult

cases, and make politically tough decisions to reduce debt." The share of bad loans

have touched 11.4% of total loans as on March 2016. "If PSU banks grant large

debt reductions, this could attract the attention of the investigative agencies. But

taking over large companies will be politically difficult, as well," said the survey.

Budget 2017: Tax incentives to corporates to cost Rs 83,492 cr in FY1 - The

government's revenue foregone in the form of incentives to corporates in the

current fiscal is estimated to grow nearly 8.63 per cent to over Rs 83,492 crore. As

per the Budget document 2017-18, the revenue foregone stood at Rs 76,857.70

crore in the 2015-16 fiscal. Revenue foregone on account of deduction of export

profits of units located in SEZs (section 10A and 10AA) is estimated at Rs 20,492

crore in the current fiscal year. Companies take advantage of various concessions to

reduce tax liability, while individuals park their funds in tax savings scheme to

reduce tax burden. Revenue foregone on deduction of profits of undertakings

engaged in generation, transmission and distribution of power would be Rs

12,401.04 crore in 2016-17 compared to Rs 11,416 crore in the last fiscal year, the

document said.

Budget 2017 shows resolve for fiscal prudence: Moody's - Acknowledging India's

resolve to stick to fiscal consolidation road map as laid out in the 2017-18 Budget,

Moody's today flagged "hurdles" to the revenue collection target. The rating agency

also expressed concern over the budgeting of lesser capital -- Rs. 10,000 crore for

infusion into public sector banks in 2017-18, which it said is a "credit negative". The

government has budgeted for a lower fiscal deficit at 3.2 per cent of GDP next fiscal

and 3 per cent in 2018-19. "Moody's expects the government to achieve its targets,

based on achievable budget assumptions and demonstrated commitment to fiscal

prudence, but also note that spending commitments are significant and structural

hurdles to rapid increases in revenue collection are apparent," Moody's Investors

Service said.

✍ TOP ECONOMY NEWS

Eight core industries register a growth of 5.6% in December 2016 on the back of

healthy output recorded by refinery products and steel.

Government revised GDP growth for fiscal year 2015/16 to 7.9% from 7.6%

projected earlier. Government will also announce second advance GDP estimates of

FY17 on Feb 28.

India's economy should grow between 6.75% and 7.5% in the financial year

beginning on April 1, as per the Economic Survey.

The Centre’s fiscal deficit touched 94% of the full year target by December 2016

while the revenue deficit breached the Budget estimate in the nine months of the

fiscal.

The Central Board of Direct Taxes issued the clarifications on implementation of

GAAR provisions, which is to kick-in from April 1 this year.

According to the data released by the Securities and Exchange Board of India ,

mutual fund managers invested a net sum of Rs. 47.77 billion this month.

Foreign investors have pulled out a little over Rs56bn from the Indian capital

market so far this month, concerned about "lower prospects" of economic growth

compared with other emerging markets.

Country's foreign exchange reserves surged for the second consecutive week by

USD 932.4 million to USD 361 billion in the week to January 20 on account of rise

in foreign currency assets.

Government plans to divest Rs. 110 billion worth of stake in PSU general insurance

companies to meet the steep disinvestment target of Rs. 725 billion next fiscal.

Rules for anti-tax avoidance and place of effective management are "here to stay"

and will be implemented from April 1, the government said emphasising the rules

have been delayed long enough and cannot be deferred any more.

Investment outlay for Bharat Sanchar Nigam Ltd has been reduced to Rs. 43 billion

for 2017-18, compared to the Budget Estimate of Rs. 73.17 billion for the current

fiscal.

RBI allowed NRIs access to the exchange traded currency derivatives market to

hedge currency risk arising out of their investments in India, a move aimed at

providing them additional heding options.

✍ TOP CORPORATE NEWS -

Natco Pharma said a US District Court has ruled in favour of its marketing partner Mylan by

invalidating Israel-based Teva Pharmaceuticals’ patents related to multiple sclerosis drug

Copaxone 40 mg/ml.

Oil and Natural Gas Corp has received the first installment of USD 19 million from

Venezuela's state oil firm Petroleos de Venezuela towards recovering pending dividend.

Rural Electrification Corp has signed loan agreement with Tamil Nadu's power generation

and transmission utilities for financial assistance of Rs. 68.90 billion.

Coal India’s unions are demanding a levy Rs. 20/ton the dry fuel to help the company's

pension fund get enough cash.

Telenor has approached Aircel and Reliance Communication to explore a merger via share

swap, as consolidation grips the Indian airwaves.

Lokesh Machines Limited has signed up with Taiwanese company Tongtai Machine & Tool

Co Ltd to manufacture hi-speed vertical machining centre model EZ5 for the Indian market as

well as for re-export from its new facility at Kallakal near Hyderabad.

After acquiring Reliance Cement Company, Birla Corporation Limited has re-christened

Reliance Perfect Cement brand as MP Birla Perfect Cement and launched it in the fast-growing

central India market.

NLC India Limited is planning to buy back shares worth Rs. 14.91 billion from the existing

shareholders of the company.

Lokesh Machines Ltd is set to enter into an agreement with EMCO GmbH of Austria for the

manufacture and sale of the latter's machines in India and export supplies.

Fitch Ratings has assigned NTPC Limited EUR500 million, 2.75% notes due in 2027, a final

rating of ‘BBB—’, which denotes investment grade.

Jain Irrigation Systems Limited will raise $ 200 million through issuance of dollar bonds

— for the first time — to overseas investors, primarily to retire debt.

Aditya Birla Group plans to invest Rs. 70 billion in the next two years in Andhra Pradesh on

expanding existing businesses.

The Competition Commission has approved Schneider Electric's proposed purchase of the

remaining 26% in power backup solutions provider Luminous.

Larsen & Toubro Limited has bagged orders worth Rs 12.86 billion for construction jobs.

UK Steel workers' unions have given their backing to Tata Steel Limited UK's pension plan in a

bid to rescue thousands of jobs and allow a merger with ThyssenKrupp to go ahead.

Maruti Suzuki India Limited said that it will increase prices of products ranging from Rs

1,500 to Rs 8,014 (ex-showroom, Delhi) across models.

Hindustan Petroleum Corporation Limited and GAIL India Ltd signed a pact with

Andhra Government for setting up a Rs 400 billion petrochemical plant in the state.

Balrampur Chini Mills Limited signed an agreement with Ganesh Explosives to sell its

entire 53.96% stake in its subsidiary Indo Gulf Industries Ltd.

Granules India Limited has announced its move to invest USD20mn in its wholly-owned

subsidiary Granules Pharmaceuticals Inc.

Dishman Pharmaceuticals and Chemicals Ltd has received an Establishment Inspection

Report from the US health regulator on closure of inspection of its Bavla facility in Gujarat.

NLC India Limited is installing 500 MW solar power plants for Rs. 21.70 billion at various

places in Tamil Nadu. It said the power plants are expected to generate 83 crore unit of power per

annum.

NHPC Limited board of directors may consider a proposal for buyback of shares.

IL&FS Engineering and Construction Company Ltd has received Letter of Intent for

two Rural Electrification Works under Deen Dayal Upadhyay Gram Jyoti Yojana, and Integrated

Power Development Works of West Bengal State Electricity Distribution Company Limited,

Kolkata worth Rs. 5.16 billion.

Ashok Leyland announced the opening of its new assembly plant in Bangladesh capital

Dhaka.

Kwality Limited new unit in Haryana, has started commercial production.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

State Bank of India, the country’s biggest lender, is seeking to increase its stake in its two

credit-card joint ventures with diversified American conglomerate General Electric, as

demonetisation increasingly drives consumers to spend online or through cards.

IDBI Bank officials internally quarrelled over the approach to sanction fresh loans to

Kingfisher Airlines as a bunch of executives insisted on collateral before signing off on the dotted

line while the top management overruled the juniors and instead went with Kingfisher Airlines

brand as a guarantee which did not even have legal backing, the CBI alleges.

Banks are taking it on their chin from many sides - the government, the regulator, customers and

even from competitors in the market. While many are grumbling that there is no credit demand,

banks find the market is slowly slipping from under their hands thanks to them being

uncompetitive, which is partly of their own making and partly due to regulatory obstacles.

The Economic Survey for the year 2017 warned banks against thwarting efforts of

interoperability of the payments systems as it believes that the success of digitalisation and

financial inclusion depends on the payment modes being interoperable across financial

institutions.

Bank credit growth is likely to remain subdued at 5-6 per cent in the current financial year on

weak loan demand and as debt market continues to offer better priced, according to a report.

Deposit growth is likely to ease further to 12 per cent by end-March 2017, with banks cutting

deposit rates and easing cash availability in the system, from 14.7 per cent as on January 6, said

the report by rating agency Icra.

The Reserve Bank of India has stepped in to prevent loss making banks from defaulting on bonds

that were raised to boost their capital adequacy ratio- the minimum capital that banks keep as a

cushion against defaults on loans.

Banks will get an option to exit the unsold portion of the bad loans that are held as security

receipts on their books. This follows an announcement by Arun Jaitley in the Union Budget that

allows listing of SR at the stock exchanges. When banks sell bad loans to asset reconstruction

companies, a part of the loan is sold for cash and for remaining part of bad loans, the ARCs issue

SR which are similar to bonds which would be redeemed over five to seven years. Thus in a way,

the bad loans sold to ARCs continue to be in the books of banks in form on investments. As of

now, banks received 15% of loan sold in cash and balance as SRs.

Public sector Indian Bank has revised its rates for foreign currency interest rates on term deposits

with immediate effect. As per the revised interest rate for FCNR deposits, in USD terms, the

revised interest rate has been fixed at 2.26 per cent for deposits of one year and above but less

than two years from the existing 2.20 per cent.

Government owned banks will have to tap the equities market and quickly sell non-core assets

since the union budget have allocated just about Rs. 10,000 crore capital for banks what are

struggling with huge pile up of bad loans.

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