TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Nifty 50 opened Monday session on a positive note at 7741 up by 25 points and 0.36 per cent but failed to hold the gain and plunged 101 points. The Asian markets also traded higher on Monday after most were shut for Good Friday. The market take a breath in a cautious note with a mild positive bias in morning trade on Tuesday after the US Federal Reserve St. Louis chairperson suggested that the central bank should move cautiously on raising interest rates. Nifty lost the movementum on Tuesday but not able to break the strong Support level of 7580. There are some positive cues from the global market for Indian Financial market, which helps to gain the movementum on the Wednesday, The global and Asian market opened in a positive the day after the Federal Reserve Chairwoman Janet Yellen has speak out about the Gradually increasing the interest rate in the upcoming day in this year. The Crude prices remained flat. The sentiment on the street remains underpinned by the hopes of a rate cut by the RBI during the monetary policy review next week. The strong levels for Nifty is 7850-7900 upside and 7680-7650 downside.
BANK NIFTY : - The Bank Nifty Open lower on Monday at 15867 down by 20 points or 0.12 percent, The Banking stocks fall after the Reserve Bank of India revised rules on measuring Liquidity for Basel III norms, providing exemption to branches of foreign banks from submitting statement with regard to foreign currency. The US Federal Reserve chairperson suggested that the central bank should move cautiously on raising interest rates. The Reserve Bank of India has tweaked its rule asking banks to use the marginal cost of funds formula to calculate interest rate for loans with fixed tenure of less three years, The global cues and Central Bank Policy force the Bank Nifty to trade around the 15800-16280 the rally in banking stocks will be continue for upcoming days, due to reforms in Public Sectors Banks balance sheets. The crucial level for Bank Nifty is 15800-15620 is down side and 16200-16450 is Upside.
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
World expects much from India, in terms of contributing to global growth: PM - PM Narendra Modi has given the speech at the Bloomberg India Economic Forum-2016. The world expects much from India, in terms of contributing to global growth. To the extent that time permits, I would like to place before you my thoughts on how India intends to meet the challenge. I will touch upon three major areas. Firstly, I will discuss India’s economic growth. Secondly, I will outline some of the administrative and policy reforms that have created and will sustain that growth. Thirdly, I will elaborate on an aspect of economic development which is of particular importance to me, namely job creation. Experts are unanimous that India is one of the world economy’s brightest spots. We have low inflation, a low balance of payments current account deficit, and a high rate of growth. This is the result of good policy, not good fortune.
Govt plans to infuse Rs. 5,050 crore in PSU banks - The government is planning to infuse additional capital of about Rs. 5,050 crore in some public sector banks this week, according to reports. Parliament has approved Rs 5,050 crore for meeting additional expenditure on recapitalisation of public sector banks, as per a report. The likely contenders for the fresh round of infusion include Central Bank of India, Indian Bank, UCO Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India, report added.
FM Arun Jaitley on rate cut by RBI: I want what everybody wants - Indicating his desire for the Reserve Bank to cut interest rates at its monetary policy review next week, Finance Minister Arun Jaitley has said he wants“what everybody wants. The government has done its bit by sticking to fiscal consolidation path to contain deficit at 3.9 per cent of GDP this fiscal and further cut it to 3.5 per cent of GDP in the year beginning April. Also, the government has lowered small savings interest rates to make room for lower lending rates. He said that i want what everybody wants.
Resolved various legacy issues, moving to 25% corporate tax rate: FM Arun Jaitley - Finance Minister Arun Jaitley said the Indian government has resolved various legacy issues with regard to taxation and is gradually working to bring down the corporate tax rates to the global level at 25 per cent from 30 per cent currently. The Finance minister further said that India achieved over 7.5 per cent growth rate despite global headwinds and the effort of the government would be to improve it further by promoting ease of doing business and attracting more foreign investment and preventing domestic investors from going abroad.
India expected to achieve growth rate of 8% and above: FM Jaitley - Finance Minister Arun Jaitley said, “India expected to achieve growth rate of 8% and above in the coming years.”“India continues to be one of the fastest growing economies in the world. India is yet to realise its full potential of growth. Even during the global economic turmoil in the past, India has always showed resilience. Mentioning the significant improvement in the macroeconomic stability, as reflected in low levels of inflation, contained fiscal deficit and Current Account Deficit, he said that this has been in spite of uncertain global economic situation.
'Make in India' critical for growth: Industry leaders - Indian industry leaders today hailed the government's flagship 'Make in India' programme, saying the initiative is critical to the country's growth as it gives boost to manufacturing and generates employment. The remarks from the industry leaders came after Finance Minister Arun Jaitley launched the 'Make in India' conference here on the second day of his four-day visit to Australia.
RBI Monetary Policy Preview: Expectation of rate cut by 25 bps - After keeping the interest rates unchanged during the last two monetary policy reviews, RBI is now expected to initiate a move during April. At the onset of this calendar year, the central bank had set the onus on the incumbent regime, wherein the government was expected to strike a balance between growth and fiscal prudence, which can provide the much needed leeway to act on the rates. Effectively, optimism emanated from the Union Budget for Fiscal Year. The budget was based on various aspects, including agriculture, rural population, social welfare, infrastructure, financial reforms, tax reforms and ease of doing business. In this respect, the finance Minister announced that the fiscal deficit target of 3.9 % for this year is met and target of 3.5 % has been maintained for the next fiscal year. The fine balancing act between fiscal prudence and growth can now persuade the Reserve Bank of India to lower the interest rates.
US investment in India has outpaced China since Narendra Modi government came to power - The US administration has said that the United States has stepped up investment in India since the advent of the Narendra Modi government in the country, outpacing its investment in China. "The high-level engagements between our two countries since May of 2014 include six at the leader-level, including the Nuclear Security Summit this week, and we could well see more before the end of the administration," US Assistant Secretary of State Nisha Desai Biswal said.
Oil prices will remain weak through medium term: Moody's - Moody's Investors Service said, the recent modest recovery in oil prices will only provide minor relief from severe stress for companies that incurred large amounts of debt to ramp up supply that now significantly exceeds demand. The markets will limit capital access to spec-grade energy companies until high crude inventories decline and there is evidence of sustained OPEC production cuts. Our ratings do not move in lockstep with our price estimates, but should be viewed in the context of our pessimistic medium-term outlook for the energy industry.
China's manufacturing PMI snaps losing streak; PMI at 50.2 in March - The seasonally adjusted PMI – a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy Registered 49.7 at the end of the first quarter, up from 48.0 in February. Despite remaining below the crucial no-change 50.0 value, it was the highest index reading in 13 months and signalled only a fractional deterioration in the health of the sector. Chines Manufacturing PMI increase in first time in this year.
India's external debt went up to $ 480 billion at end-December: Finance Ministry - India's total external debt inched up marginally to $480.2 billion at December-end compared to March-end last year, finance ministry said in a report. The total external debt stock at December-end recorded an increase of $4.9 billion over its level at March-end. Government external debt stood at $90.7 billion at December end 2015 while non-government debt amounted to $389.5 billion.
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