TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Equity benchmark open in a Positive note on Monday. The 50 Shares Nifty up by 48 points or 0.57 percent at 8376 or Above its Crucial Level of 8350. The one of the key drivers of the rally in Domestic Market has been the Spread and Quantity of Monsoon Rainfall Across the Country. Now there is more optimistic view on GST bill is bringing the more positive sentiments. It was a week for Sharp rebound for the Domestic Market which pushed the benchmark Indices higher by up to 3 per cent, as Investors Judge the Brexit Impact as Over - hyped in the Indian Context. The announcement of 7th pay Commission Award is also positive trigger for the Market.The consolidation is likely to continue. Now we expect the Forthcoming earning season will decide the future direction of the market. The crucial levels for Nifty is 8380-8420 is up side and 8250-8200 is down side.

BANK NIFTY : - Bank Nifty has Opened in a positive note on Monday up by 106 point’s or 0.58 per cent at 18091. The Fitch rating agency said Indian banks will need about $ 90 billion of capital to meet the new Basel III capital norms to be Implemented by the financial year ending march 19. and More than 80 per cent of which will be needed by Public Sector Lenders according to report. Notwithstanding rising bad loan problems in the system, sale of stressed assets to asset reconstruction companies in 2015-16 was only a trickle of the NPA amount at 2 per cent of the total of nearly Rs. 5.8 trillion, which is down a whopping 20 per cent from previous year, Kotak Institutional equities said in a report. The Bank Nifty Seems Medium term bullish to the level of 18600. The crucial levels for Bank Nifty is 18250-18480 up side and 17790-17560 is down side.
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
FIPB clears FDI proposals worth Rs 643 crore - Foreign Investment Promotion Board has cleared four FDI proposals entailing overseas investment of about Rs 643 crore. The inter-ministerial panel, headed by Economic Affairs Secretary Shaktikanta Das, has approved Rs 420 crore FDI proposal of Advanced Enzyme Technologies which intends to sell its stake to foreign investors by making fresh issuance of shares. FIPB has also given its approval to Corona Remedies Private's investment worth Rs 118 crore. The company had sought approval for foreign investment of 19.51 per cent by Mauritius-based Cydista, a Finance Ministry statement said. The board also cleared proposals of Macmillan Publishers International and Ordain Health Care Global, entailing investment flow of Rs 28.20 crore and Rs 77.05 crore, respectively.

NPA mess a key challenge: Arun Jaitley - Strategy to improve overall performance of state-run banks, reviving stalled projects and increasing private sector investment are major challenges before the government, finance minister Arun Jaitley told financial regulators on Tuesday. He also said that due to better spread of monsoon, the government is expecting higher production of pulses this year compared to previous years, which in turn will substantially ease prices in the market. The Financial Stability and Development Council also discussed the current macroeconomic situation, likely impact of Brexit, the external scenario, problem of stressed assets and the issue of redemption of foreign currency deposits. "As far as the redemption of these deposits is concerned,there was an overwhelming view that the situation is under control and there is no problem at all," said sources.

Domestic shocks to shake up 7.5% GDP growth in short term: Moody's - Over the next two years, India's growth will face challenge from lacklustre global demand, high corporate leverage and impaired credit supply, Moody's Investors Service said, but argued for a better medium term outlook. The American ratings agency, which has forecast 7.5% real GDP growth for the next two years, said it sees a downside risk to the forecast because of potential negative external or domestic shocks. "Continued high corporate leverage, low nominal domestic growth and lack of corporate pricing power, will hold back investment activity for at least several quarters," said Marie Diron, senior vice-president at Moody's. Poor asset quality and weak capitalization will restrict the lending capacity of public sector banks, she said.


Britain may woo Indian cos with tax breaks, lesser regulation: RBI - With Britain deciding to leave the European Union, one can expect the country attracting Indian firms to invest there with bigger incentives in terms of tax breaks and lesser regulation, an RBI official has said. Inaugurating a seminar on 'Importance of Financial Documents in Foreign Trade' here, U Chiranjeevi General Manager In-charge, Reserve Bank of India, Kochi, said the implications of Brexit are significant for China and India as they are significant exporters to the EU and and Britain. "In all probability, they will have to revisit bilateral investment protection agreements with the UK separately. The UK accounts for 15 per cent of India's total merchandised trade, but its share has been declining." "Thus, one can expect Britain to try extra hard to woo Indian companies to invest there by providing much bigger incentives in terms of tax breaks, lesser regulation and other financial incentives," he said.

Better monsoon to push rural demand, help fiscal health: ICRA - With monsoon spreading across the country, domestic rating agency ICRA said better rains will help push rural demand and may also benefit fiscal health of states and the Centre if demand for work under the MGNREGA scheme eases. The higher kharif or summer crop acreage will also help cool down inflation. "The expected rise in farm sector income is likely to reinvigorate rural demand in the second half of this fiscal, complementing the boost to consumption related to the revised pay and pensions for central government employees," ICRA’S Senior Economist Aditi Nayar said.

India slips to 91st place on readiness for digitised economy - : India has slipped two places to 91st position on a global list of countries in terms of their readiness for transition to a digitised economy and society, while Singapore remains on top. Among the major emerging markets, India is ranked the lowest with Russia retaining the top place at 41st rank, followed by China at 59th , South Africa up 10 places at 65th and Brazil moving up to 72nd position. The annual Networked Readiness Index released today by Geneva-based World Economic Forum is once again topped by Singapore while Finland has also retained its second place. Others in the top-ten are Sweden, Norway, the US, the Netherlands, Switzerland, the UK, Luxembourg and Japan. The index, forming part of the WEF's Global Information Technology Report, measures countries' success in creating the conditions necessary for a transition to a digitised economy and society.


✍ TOP ECONOMY NEWS
Business activity in the services sector grew at its second slowest pace in the last 12 months and the Nikkei India Services Business Activity Index recorded 50.3 in June.

Merger & acquisition deals involving Indian companies increased 82% in the first half of 2016 at USD 27 billion in the first half of 2016, the highest in the first six months in any year since 2011 led by a four and a half time increase of Indian acquisitions abroad at USD 4.5 billion.

Power distribution companies, mainly in Jharkhand and Jammu & Kashmir, settled dues of about Rs. 100 billion to central generation companies in April, bringing down total outstanding amount by 45% from Rs. 220 billion in March.

India Post, is carving out a separate vertical to manage banking services, a move that will help it win RBI nod for interoperability of its ATMs with those of PSU banks.

Power generation growth has risen to 9.5% this year so far, as against 5.65% during the ten-year period from 2004 to 2014.

The Nikkei Markit India Manufacturing Purchasing Managers’ Index — a composite indicator of manufacturing performance — rose to 51.7 in June from 50.7 in May amid a sharper rise in new orders.




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