TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Market has opened in a Negative bias on Monday with the Equity benchmark Nifty 50 was down 22 points or 0.25 percent at 8519. The Nifty 50 reversed a trend in Monday trade and surged nearly 100 points to hit a fresh 52 week high of 8641. The US Federal Reserve Policy maker took a step toward interest rate hikes this year but stopped short of signaling that the move could come as soon as September. The Fed Left the benchmark Policy rate unchanged. The Goods and Services Tax bill move one step closer to reality, as the Union cabinet approved most of the amendments to the bill suggested by the Opposition Party. These will be the Positive trigger for the market ahead. The Nifty50 has been moving between 8475-8600 levels from the last nine trading sessions and the range breakout has now opened the scope for a potential upward move toward 8700-8800 level in near Term. The Crucial levels for Nifty for Next week is 8703-8751 up side and 8560-8470 is down side.

BANK NIFTY : - The Bank Nifty has Opened in a Negative bias on Monday down by 96 points or 0.50 per cent at 18594. The Reserve Bank of India Governor Raghuram Rajan has said, The Government should ignore the high decibel noise against Prudent Monetary Policies by vested interests in the interest of sustained Economic Growth. The Government has asked the state run lenders to leverage the Rs. 22,915 crore. Capital it provided them last week to raise more funds saying the banks should come up soon with detailed plans on raising capital through public offering bonds and sale of Non-core Assets. The Moody’s investors Investors Services has said the Govt. Rs. 22,915 crore equity infusion will provide some respite to the Public Sector Banks but their capital need are significantly higher than the budgeted amount. The Bank Nifty Technically seems Bull side around 19570-19850 for next week. The Crucial levels for Bank Nifty is 18750-18900 down side and 19150-19300 is up side.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
First quarter credit quality was the poorest in two years, says CARE Ratings - Sectors like construction, iron & steel, chemicals continued to face financial stress with dip in margins and profitability leading to higher number of credit rating downgrades in the June quarter, CARE Ratings said Monday. This made the overall credit quality of Indian companies the poorest in last two years. There has been a moderation in the number of upgrades in the first quarter of the fiscal - 12% of surveillance cases were upgraded compared with 16% in year ago period and 18% in first quarter 2014-15. The rating company said that 14% of the surveillance cases were downgraded compared with 10% in Q1 2015-16. CARE's modified credit ratio, the ratio of upgrades and reaffirmations to downgrades and reaffirmations, fell to 0.98% in the first quarter from 1.07% in the year ago period. The MCR was 0.90% three years back.

Government not in favor of any fresh exemptions for new Japanese industrial enclaves - With the government keen to weed out exemptions and lower the corporate tax rate to an internationally comparable 25%, it is not willing to give any fresh ones. As a result, the proposed Japanese enclaves for industries have hit a tax wall with the revenue department making it clear that it cannot offer sops against its overall philosophy of ending them. This issue figured in an inter-ministerial meeting called by Niti Aayog, said a government official aware of the matter. "The revenue department is not in favour of taking up any fresh exemptions," the official said. The final decision will be taken at the highest level.

Growth in external private debt makes emerging economies vulnerable: Moody's - The growth in debt levels over the decade-mainly driven by private debts makes emerging market economies vulnerable to external shocks, global credit rating agency Moody's Investors Service has said in a report. According to the report titled 'The Evolution of Emerging Markets External Debt: Private Sector Debt Drives Broad-Based Build-Up of Emerging Markets External Vulnerability Risks', the debt growth was highest in the Asia-Pacific region. The largest increase were reported in external borrowings in China, India, Indonesia, Taiwan and Malaysia, Moody's said. Driven by growth in private debt in China, India and Indonesia, debt levels in the Asia-Pacific region have grown at an average rate of 13.5 per cent, the report said.


Government not in favour of any fresh exemptions for new Japanese industrial enclaves - With the government keen to weed out exemptions and lower the corporate tax rate to an internationally comparable 25%, it is not willing to give any fresh ones. As a result, the proposed Japanese enclaves for industries have hit a tax wall with the revenue department making it clear that it cannot offer sops against its overall philosophy of ending them. This issue figured in an inter-ministerial meeting called by Niti Aayog, said a government official aware of the matter. "The revenue department is not in favour of taking up any fresh exemptions," the official said. The final decision will be taken at the highest level. The industrial townships are envisaged as integrated industrial parks with ready made operational platforms having world-class infrastructure, plug-and-play factories and investment incentives for Japanese firms. This is part of the Japanese government's initiative to double investments in India to about $35 billion in the next five years and strengthen bilateral economic ties. The government has already unveiled its plan to remove corporate tax exemptions and bring down the rate to 25%.

✍ TOP ECONOMY NEWS
The government is set to start consultations for an ambitious plan to merge 13 state oil firms to create a giant corporation whose revenue dwarfs global energy major Chevron.

Grappling with mobile call drop menace, telecom operators committed to install 0.1 million towers within a year, entailing investments of about Rs. 200 billion, and sought more spectrum from the government.

To tackle the problem of call drops, telecom operators have installed 48,000 mobile towers across the country in the last 45 days.

Coal block auctions and allotments have generated Rs.22.37 billion revenue till May this year.

Central Board of Direct Taxes came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.

The strong uptick in the southwest monsoon since the start of July has boosted the sowing of kharif crops and given fresh life to reservoirs and major water bodies, which were on the brink.

The special investigation team on black money has asked the enforcement directorate to take action against 788 companies for not bringing export proceeds of more than Rs. 1 billion each.

Cellular Operators Association of India has pitched for a "mandatory" and "non-discriminatory" grant of permission to all operators for deployment of in-building telecom infrastructure in public buildings including airports and government offices.

The National Stock Exchange will auction investment limits for overseas investors for the purchase of government debt securities worth Rs.72.64 billion.

✍ TOP CORPORATE NEWS -
NHPC Limited has approved raising up to Rs. 45 billion through issue of corporate bonds on private placement basis.



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