TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - NIFTY - Benchmark Index Nifty closed strongly above its weekly breakout level of 8306

at 8400 on Friday trading session. Indian benchmark Index Nifty went into a consolidation zone as it traded

between 8450 to 8380 in last two trading sessions. The range of the market is significant as the FII's are still

sellers in the cash market having sold Rs. 3008 crore for the month of January, while the benchmark Index has

gone up by 300 points. The benchmark index Nifty was stuck in a trading range with no major triggers moving

the markets. The past few days have seen sideways movement and FII and Pro have been buyers in Index

options for the January series which should support the markets at lower levels and this should support Nifty at

8350-8460. Markets are expected to remain in a range of 8450 on the upside and 8375 on the downside. Nifty

holds 8400 in a narrow trading range over past five trading sessions. The benchmark Nifty saw profit booking

from range high of 8460 to give back most of the gains to finally close flat at 8430, a gain of 17 points. The

past five trading sessions have seen a range of 85 points which suggests that prices might give a breakout of the

upper range or lower range of 8460 and 8375 respectively soon. The triggers could be the announcement of

Trump policies and Pre or post budget rally. Nifty is trading range bound at 8450-8375, budget expectations to

give either side breakout. A range bound trading session was witnessed Thursday where Nifty moved in a range

of 45 points and as results of larger cap companies are coming out some volatility is expected to return on the

markets. The past six trading sessions has seen a movement of 85 points which suggests that a big move either

side is on the cards and with budget date on Feb 1 a pre budget rally can be expected. For any strength Nifty

has to sustain over 8420-8460 area for further rally towards 8545-8585 in the short term. If the Nifty is

sustaining below 8400-8350 zone, It may further fall towards 8310-8260 area in the near term.

BANK NIFTY : - The Banking Shares Index Bank Nifty opened in a flat note on Monday trading Session

down by 13 points at 18899 level. Bank Nifty rallied 3.50% last week made high of 18966 and closed at

18912. All three high weighted banks State Bank of India, HDFC Bank and ICICI bank rallied 2.03%, 3.25%

and 3.83% respectively. Banking stocks went into consolidation after sharp run up of 500 points. Banking

Stocks were mildly positive after a positive opening with Bank Nifty made a high of 19200 before a pullback

was witnessed. Tuesday was the first time in January, when the Bank Nifty Index corrected by more than 200

points from its recent highs. Banking stocks have been outperforming and the Bank Nifty Index after making a

high of 19276 corrected by 150 points and this has been second consecutive day that Bank Nifty has corrected

by 150 points or more suggesting some profit booking is on the cards. The Crucial levels for Bank Nifty is

19144-19567 is Up side and 18712-18380 is Down side.

Monday, 23 January 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8594 8448 8375 8302 8156

WEEKLY R2 R1 PP S1 S2

8714 8495 8387 8278 8060

MONTHLY R2 R1 PP S1 S2

9292 8642 8317 7992 7342

BANK NIFTY

DAILY R2 R1 PP S1 S2

19576 19144 18928 18712 18280

WEEKLY R2 R1 PP S1 S2

20264 19418 18995 18572 17726

MONTHLY R2 R1 PP S1 S2

22978 20098 18658 17218 14338

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8286 8272 8313 8269

BANK NIFTY 18596 18597 18642 18337

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8304 7924 7963

BANK NIFTY 18563 17606 16569

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 8200-8420 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

8400. If Trend is Followed, Nifty would trade in negative zone for next trading session and can touch

the level of 8300. The Bollinger Band is Also giving Signal that if it is not Sustaining the Level of

8340 could drag the Nifty toward the 8300 level. The support for the Nifty is 8351-8325-8300 and the

resistance to the up move is at 8460-8500-8535-8557 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 Negative Territory and it is clearly visible if the

banking Index is not able to Sustain the level of 18850 can drag the index toward the 18700-18480

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

18950 may go Further Up side to the level of 19120-19280 Level for Next week or sustaining below

18900 zone, Bank Nifty may further fall towards 18700-18550 & 18200-18120 area for next week

trading Session. The support for Bank Nifty is at 18825-18734 and the resistance to the up move is at

19185-19280-19330-19435 levels

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1376 1354 1342 1320 1308

ADANI PORTS EQ 300 293 288 281 276

AMBUJACEM EQ 222 220 218 216 214

ASIAN PAINT EQ 990 979 967 956 944

AXISBANK EQ 466 458 453 445 440

BAJAJ-AUTO EQ 2740 2723 2702 2685 2664

BANKBARODA EQ 162 158 157 153 152

BPCL EQ 681 672 667 658 653

BHEL EQ 133 132 131 130 129

BHARTIARTL EQ 329 325 321 314 307

BOSCH LTD EQ 21482 21255 21123 20896 20764

BHARTI INFRATEL EQ 359 357 355 352 349

CIPLA EQ 597 589 583 575 569

COALINDIA EQ 310 307 304 301 298

CAIRN INDIA LTD EQ 273 267 264 258 255

DRREDDY EQ 2958 2944 2936 2928 2921

GAIL EQ 476 469 461 455 448

GRASIM EQ 889 878 870 864 852

HCLTECH EQ 860 852 846 838 830

HDFC EQ 1251 1242 1236 1227 1221

HDFCBANK EQ 1253 1243 1233 1223 1213

HEROMOTOCO EQ 3146 3095 3070 3019 2994

HINDALCO EQ 178 176 174 172 170

HINDUNILVR EQ 880 870 862 852 844

ICICIBANK EQ 272 268 264 260 256

ITC EQ 258 256 255 253 252

INDUSIND BANK EQ 1245 1235 1225 1215 1205

INFY EQ 956 953 949 946 942

IDEA CELLULAR EQ 68 69 70 71 72

KOTAKBANK EQ 738 732 726 720 712

LT EQ 1466 1440 1427 1401 1388

M&M EQ 1226 1216 1206 1196 1186

MRF EQ 53026 52353 51877 51204 50728

MARUTI SUZUKI EQ 5791 5726 5684 5619 5577

ONGC EQ 205 201 198 194 191

NTPC EQ 175 173 171 169 167

RCOM EQ 32 32 31 31 30

RELCAPITAL EQ 471 461 455 445 439

RELIANCE EQ 1042 1034 1029 1021 1016

RELINFRA EQ 526 516 509 499 492

RPOWER EQ 46 45 44 43 42

SBIN EQ 264 257 254 247 244

SSLT( VEDL) EQ 248 243 240 235 232

SUNPHARMA EQ 649 645 642 638 635

TATA MOTORSDVR EQ 338 333 329 281 276

TCS EQ 2319 2304 2284 216 214

TATAMOTORS EQ 532 528 524 956 944

TATAPOWER EQ 81 79 78 445 440

TATASTEEL EQ 473 464 458 2685 2664

UNIONBANK EQ 143 139 137 153 152

YES BANK LIMITED EQ 1389 1375 1363 658 653

ZEEL EQ 483 476 470 130 129

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 RELIANCE INDS. 1090 1025 - 5.92 %

2 AXIS BANK LTD. 472 450 - 4.66 % -

43 TECH MAHINDRA 488 468 - 4.06 %

4 COAL INDIA LTD. 315 303 - 3.59 % -

35 ADANI PORTS 294 284 - 3.37 %

6 INFOSYS 975 948 - 2.78 % -

27 TATA POWER CO. 79 77 - 2.21 %

8 ZEEL 477 467 -2.18 % -

29 BANK OF BARODA 157 154 - 2.16 %

10 M&M 1217 1192 -2.12 % -

211 LUPIN LTD. 1496 1465 - 2.07 %

12 ONGC 201 197 - 1.99 % -

113 SUN PHARMA 653 641 - 1.75 %

14 ICICI BANK 268 263 - 1.72 % -

1

15 L&T 1438 1414 - 1.67 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 ULTRATECH CEM 3319 3471+ 4.58 %

2HUL 827 860 + 3.93 %

3 IDEA CELLULAR 68.80 71.50+ 3.92 %

4ASIAN PAINTS 933 967 + 3.64 %

5 YES BANK LTD. 1318 1358+ 3.08 %

6ITC LIMITED 249 255 + 2.30 %

7 AMBUJA CEMENT 213 217+ 2.09 %

8GRASIM INDUS 846 863 + 2.04 %

9 TATA STEEL 446 454+ 1.83 %

10GAIL (INDIA) LTD. 452 460 + 1.74 %

11 TATA MOTORS 514 523+ 1.62 %

12TCS 2249 2285 + 1.60 %

13 POWERGRID 197 199+ 1.14 %

14BHARAT PETRO 657 664 + 1.08 %

15 INDUSIND BANK 1215 1220+ 0.38 %

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE : BUY HAVLLES FUTURE ABOVE 402 TGT 412 SL 397

NSE FUTURE :BUY CESC FUTURE ABOVE 707 TGT 720 SL 700

NSE FUTURE :SELL TORNTPHARMA FUTURE BELOW 1300 TGT 1250 SL 1325

NSE CASH

NSE CASH : BUY ABAN CASH ABOVE 260 TGT 280 SL 250.

NSE CASH : BUY RBL BANK CASH ABOVE 385 TGT 405SL 375.

NSE CASH : BUY RUCHISOYA CASH ABOVE 28 TGT 33 SL 25 .

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

High tax revenues reflect mop-up from income disclosure scheme: SBI - Stating that the official

estimate of a 7.8 per cent economic growth in the last quarter of this fiscal was unrealistic, an analysis

by a State Bank of India think tank says the spurt in tax revenues also reflect collections from income

disclosure scheme. Commenting on the advance GDP estimates of Central Statistics Office and tax

mop-up numbers of the Finance Ministry, SBI Ecowrap says 7.1 per cent growth estimated by

the CSO translates into 6.1 per cent and 7.8 per cent growth respectively , in third and fourth

quarters of this fiscal. "This means that the impact of demonetisation has been possibly somehow

reflected in the third quarter data, but the 7.8 per cent growth in the fourth quarter is quite unrealistic,"

says the publication, anchored by the SBI Group's Chief Economic Advisor Soumya Kanto Ghosh.

The think tank also said that it has never happened in the past that GDP jumped by 1.7 percentage

points between two successive quarters. It only happened in the first and second quarters of fiscal year

2012-13, but due to a change in base year. "These are the dangers of projecting GDP data on past

data."

India's cash crunch seen biting into economic growth - India's economy lost momentum in the

final three months of 2016 after Prime Minister Narendra Modi's ban on high-value notes hurt

consumption and businesses but it is set to pick up this quarter, Having posted growth of above 7 per

cent for six consecutive quarters, India's gross domestic product is expected to have expanded just 6.5

per cent in the October-December quarter - the weakest in nearly three years. The poll also suggested

growth would remain below 7 per cent in the first quarter of 2017, at 6.9 per cent. India's GDP for the

fiscal year to March 2017 is expected to grow 6.9 per cent, according to the poll of over 20

economists. That is higher than the International Monetary Fund's estimate of 6.6 per cent. "If

the demonetisation exercise has led to some permanent supply-side disruptions, growth could be

weaker for longer," said HSBC, in a note.

Budget 2017: Government may accord infrastructure status to low-cost housing - The

government may tweak the definition of the infrastructure sector in the upcoming budget to include

low-cost or affordable housing, a move that would reduce costs for developers and attract investors,

two people with the knowledge of the matter told ET. The change is being proposed about a month

after Prime Minister Narendra Modi announced concessions on interest rates for low-cost

housing loans under the Pradhan Mantri Aawas Yojana. "If we want housing for all by 2020,

Re-categorising affordable housing as infrastructure is essential. The government had sought feedback

about this about a week ago," a person familiar with the development said. "I see this happening in the

upcoming budget.

$ 11-billion FPI outflow was due to demonetisation: SEBI - Securities and Exchange Board of

India chairman U.K. Sinha on Tuesday said the outflow of $ 11 billion of foreign portfolio investment

in the October-December quarter is being analysed to assess the extent of impact 'demonetisation' has

had on the outflows. “It is being analysed and will take three to four months time," he said while

addressing a seminar on ‘Developing the Indian Capital Markets – Sebi’s Role, Issues and

Challenges’ in Kolkata organised by the Bharat Chamber of Commerce. He further added that there

were a few other global developments, including the US presidential election results and a hike in

Fed rates, which coincided with India’s decision to demonetise Rs 500 and Rs 1,000 currency

notes. Quoting data from the International Monetary Fund, Sinha said demonetisation is likely to

have a short-term effect on the economy. "Although the international organisation has scaled down its

growth projection by 100 basis points to 6.6 % for the current fiscal, growth for 2017 is pegged at 7.2

% and the projection for the year is intact at 7.7 %. If these projections are anything to go by, country

will see GDP growing steadily. Hence, the impact of demonetisation will be short-term,” he added..

Indian economy projected to grow by 7.7% in FY 2017: UN report - India is projected to grow by

7.7 per cent in fiscal 2017, remaining the fastest growing large developing economy, as it benefits

from strong private consumption and gradual introduction of significant domestic reforms , a

United Nations report said. The United Nations World Economic Situation and Prospects 2017 report

launched today said India's economy is projected to grow by 7.7 per cent in fiscal year 2017 and 7.6

per cent in 2018, benefiting from strong private consumption. It however cautioned that low

capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong

investment revival in the short term. China's growth on the other hand is projected to remain stable

at 6.5 per cent for fiscal years 2017 and 2018, supported by favourable domestic demand and

accommodative fiscal measures, including off-budget fiscal support through policy banks and

public-private partnerships. However the implications of China's ongoing economic rebalancing will

inevitably be felt by the region in the medium and long-run through trade (including commodity

prices) and financial channels, albeit to a varied extent across countries, the report added

10 % cost reduction can add $ 5.5 billion to India's trade revenues - Even as the real growth in

global trade would not move far from 1-2% and outlook for 2017 remains weak, a 10% cost reduction

in logistics and high-growth trade sectors can generate additional revenues of up to $5.5 billion and

boost exports by 5-8%, according to international container shipping company Maersk. “The outlook

for global trade in 2017 remains weak. Real growth is expected between 1% and 2%. However,

India has the opportunity to improve its share of global trade, especially in exports, through

increased competitiveness and be probably the only country to deliver nearly double-digit growth in

container trade this year,” Franck Dedenis, managing director – India, Bangladesh & Sri Lanka

Cluster, Maersk, said. The Danish company is the largest container ship operator in the world.

The insights were contained in “Stimulating India’s EXIM Growth,” a study conducted by

Confederation of Indian Industry and Maersk.

Corporate loan repayment rises 11.5% in April-September 2016: SBI report - Corporates have

lowered their loan exposure as repayments rose by 11.5% in the first half of FY’17 ( April-September

2016) A study undertaken by the State Bank of India research team shows that from a list of

more than 4000 entities, over 1076 entities reduced lowered their loans in the first half of FY’17

by about Rs. 95000 crore or 11.5% over the same period of FY’16. The study notes that these firms

have seen the positive impact of lower interest cost percolating down to the bottom-line, though the

topline has not grown in the period. Despite, reduction in net sales by 6.48% for the period during the

first of FY’17 vis–a-vis first half of FY’16, profit before interest, depreciation and tax (PBIT)

increased by 22% and profit after tax or PAT by 68.5% during the same period.

✍ TOP ECONOMY NEWS

The wholesale price index for December 2016 came in at 3.39%, higher than 3.15% in the

previous month.

Food inflation has turned negative for the first time since August 2015 at (-) 0.7% in December

2016 as against 1.54 % in the previous month.

The International Monetary Fund has cut India’s economic growth rate forecast by one

percentage point to 6.6% for 2016-17 — from its earlier estimate of 7.6% — because of the effect

of demonetisation on consumption and payments.

In a significant breakthrough, the GST Council broke a deadlock on contentious issues of

administration over assesses, the right of coastal states to tax economic activities within 12

nautical miles inside sea and broadly agreed to roll out the goods and services tax from July one,

2017 instead of earlier planned April one.

Merchandise exports grew 5.72% year-on-year to USD 23.88 billion last month, while imports

rose 0.46% year-on-year to USD 34.25 billion.

India's trade deficit narrowed to USD 10.37 billion in December from provisional USD 13 billion

a month ago.

The Securities and Exchange Board of India announced reduction of 25% in the fee payable by

brokers and also decided to amend regulations to enable the market participants to make

payments to the regulator through digital mode.

India’s foreign exchange reserves declined by USD 1.142 billion in the week ended January 7 to

USD 359.2 billion. In the preceding week, the reserves had increased by USD 625.5 million.

The government is considering a proposal to increase foreign direct investment limit in print

media sector to 49 % from 26 % at present.

India has imposed anti-dumping duties on colour-coated or pre-painted flat products of alloy or

Non-alloy steel imported into the country.

✍ TOP CORPORATE NEWS -

Reliance Industries Limited has written down Rs. 395.70 billion in value of its oil and gas

assets including the flagging KG basin D6 block and US shale gas projects, in view of change in

accounting policy.

Idea Cellular Limited has filed a plea against the telecom regulator with the Telecom

Disputes Settlement Appellate Tribunal and sought quashing of Reliance Jio Infocomm’s Happy

New Year offer, mirroring market leader Bharti Airtel’s complaint filed late last year.

Havells India Limited is looking at mid-sized acquisition focussing on emerging markets

even as it plans to expand its domestic presence by foraying into the personal grooming space.

Patanjali have come to the rescue of Ruchi Soya Industries Limited. Patanjali will start

branding and marketing the edible oil produced by Ruchi Soya across its 13 facilities, which will

ensure guaranteed sales to Ruchi Soya as well as cut its distribution and marketing costs.

In a major relief to banks, the Debt Recovery Tribunal's Bengaluru Bench allowed recovery

proceedings against Kingfisher Airlines Ltd and its promoter Vijay Mallya and directed them to

repay around Rs62bn to the consortium banks led by State Bank of India.

Infrastructure Leasing and Financial Services is in advanced talks to merge its wind energy assets

with Orient Green Power.

Aion Capital Partners a joint venture between Apollo Global Management and ICICI Venture

is planning to throw a lifeline at the troubled steel maker Uttam Galva.

Swan Energy’s announcement of Tata Realty and Infrastructure showing interest in its

liquefied natural gas terminal took bankers and consultants by surprise.

FIPB approved six investment proposals, including that of Sanofi Synthelabo India, Star Den

Media Services and Idea Cellular Infrastructure Services, envisaging foreign

investments of Rs11.86bn.

Adani Ports and Special Economic Zone Limited has figured among the 12 companies in Asia

that are facing challenges in retaining investment grade ratings.

Panacea Biotec Limited has inked a pact with UNICEF for the supply of Pentavalent Vaccine

(Easyfive-TT) in the current year.

Warburg Pincus has acquired about 14% stake through its affiliates in the leading multiplex chain

PVR Cinemas for about Rs8.20bn.

After exiting the Light Commercial Vehicle joint venture it had with Nissan in September last

year, Ashok Leyland launched a newly modified LCV, 'Partner', and an Intermediate

Commercial vehicle, 'Guru'.

Zydus Cadila has received approval from the US health regulator to market methotrexate

tablets, a chemotherapy drug, in the American market.

Reliance Industries and Russian petrochemical giant Sibur have signed an agreement to set

up South Asia's first butyl rubber halogenation unit at Jamnagar in Gujarat.

Cipla Limited said its subsidiary Goldencross Pharma has entered into a pact to sell its entire

stake in Four M Propack to Shriji Polymers for a consideration of up to Rs. 192 million.

Indiabulls Real Estate said that its subsidiary firm has received Rs. 7.01 billion refund from the

Delhi Development Authority following a judgement from the Supreme Court of India.

Zee Entertainment Enterprises Limited has signed a deal for four television series with

the international content distributor, Eccho Rights.

The Cabinet approved the listing of public sector general insurance companies through a

combination of fresh issuance of shares or Offer for Sale.

The Cabinet approved the introduction of a Bill to repeal redundant and obsolete Central acts

besides several other MoUs with countries including United Arab Emirates.

Reliance Industries was confident that the Union government’s penalty on producing natural

gas from ONGC’s share of natural gas in the Krishna-Godavari basin is “not sustainable”.

A fresh round of war of words broke out between Reliance Jio and Bharti Airtel Limited, with the

former alleging that its service continues to face congestion issues with some of the large

operators, including Airtel, not providing adequate points of interconnection - a charge the

incumbent operator refuted.

Pokarna Limited Engineered Stone , the wholly owned subsidiary of Pokarna Limited, has

secured exclusive rights to use Bretonstone technology in India through March 2020.

Crompton Greaves Limited has bagged a USD 105 million or Rs. 7.15 billion order from

Indonesia’s state-owned electricity firm PT PLN to make and install power transformers.

Pristine Group of companies has bought out the container train operating licence of Reliance

Infrastructure. Pristine now gets the licence to operate container trains for the remaining 13 years

of the 20-year period.

Cadila Healthcare Limited has settled all outstanding patent litigation related to Livalo

tablets with Kowa Co., Kowa Pharmaceuticals America Inc and Nissan Chemical Industries

Limited.

A committee under the Ministry of Environment, Forests and Climate Change has given a green

signal to Cairn India Limited for undertaking drilling works of 64 exploratory and appraisal wells

in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of AP.

NTPC Limited expects to cut losses from Chhabra power station that it acquired last week to

one-fifth by saving on interest outgo and raising operational efficiency. The company is on the

lookout for more state-run stressed assets for buyouts.

ICICI Prudential Life Insurance has acquired 8.41% stake in financial technology services

provider Fino Paytech Limited for a total consideration of Rs. 1 billion.

The government is seeking a dividend of up to USD 2.2 billion from partly state-owned

Hindustan Zinc Limited .

Vedanta Limited Resources and Jain Irrigation Systems Limited are raising foreign funds by

selling dollar bonds to overseas investors.

Reliance Industries is planning to invest a sum of Rs. 300 billion into Reliance Jio Infocomm

to further its development and improve its signal strength.

SPML Infra Limited has bagged new orders worth Rs8bn for various projects including

developing power substations.

BHEL has commissioned another 500MW unit of Sagardighi Thermal Power Station Phase II in

West Bengal.

Muthoot Finance plans to raise up to Rs. 14 billion through a public issue of NCDs, the

subscription for which opens tomorrow.

Suzlon Energy said it had achieved 10,000 MW of wind power capacity installations in India.

Gamesa, it is learnt, sold over 1,500 MW of turbines in calendar year 2016.

Justdial Limited has proposed to demerge some businesses of Just Dial Global and absorb them.

Lupin Limited has launched its generic version of morphine sulfate ER tablets used for the

management of severe pain in the US market.

Hero MotoCorp Limited forayed into the Argentinian market with the global launch of its

125 CC bike ‘New Glamour’ as part of its aggressive global expansion plans.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The government, which is infusing Rs. 18.94 billion capital into State Bank of India, has asked

the country's largest lender to take necessary regulatory approvals for the fund infusion.

Hit by demonetisation and mounting bad loans, some public sector banks may skip paying

dividend which will have implications for government receipts in the current fiscal. Some PSU

bankers have already indicated to the Finance Ministry that it may not be possible for them to pay

dividend as their profits are likely to remain subdued due to lower credit offtake and rising NPAs,

sources said.

Credit growth of United Bank of India at the end of FY 2016-17 will be as low as 7-8 per

cent due to demonetisation impact, its MD & CEO P Bajaj said. "Due to demonetisation, banks

are flush with funds. But, there are avenues to advance credit. So, credit growth will be seven to

eight per cent at the end of fiscal 2017," he said.

Private sector Lakshmi Vilas Bank has witnessed about Rs. 450 crore worth of 'stressed'

loans getting prepaid during the demonetisation drive announced by the Centre in November,

according to a top bank official.

Analysts scratching their heads over the impact on India's banks of the country's move to ban

high-value notes have every right to be puzzled, as estimates offered by the chairman of State

Bank of India indicate. The bank could retain anything from 15 per cent to 40 per cent of the

deposit boost it received after the government withdrew about four-fifths of the banknotes in

circulation in November.

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