TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Equity benchmark has opened in a positive note on Monday, the Nifty50 is up by 10 points or 0.12 per cent at 8166. The Nifty has rallied almost 500 points in last six to seven trading sessions. But for the last four day’s, it has been facing some Resistance near the 8200 level. We may see the more correction and the index can come down to around 8023 level, which is 38.20 per cent retracement level of the entire rally from 7700 to 8200. Continues expectation of US positive data. Which increased the possibility of a rate hike by the Fed in next meeting. Data release on Thursday suggested domestic economy grew at 7.9 per cent in march quarter to help india achieve a five year high annual growth rate of 7.6 per cent. The ECB is maintain the status quo for the fourth Monetary policy review on Thursday on moderate Inflation and economic growth . The Nifty crucial levels for the upcoming week would be around 8100-8200 in down side and 8300-8350 is in Up side.

BANK NIFTY : - is planning to float a fund that will invest in sunk loans held by lenders, minister of state for finance Jayant Sinha said on Tuesday, as the authorities strive to clean up balance sheets of banks. Bank loan to the Industrial Sector remained almost flat with a mere 0.1 per cent growth in April , Validating these concern that lack of Industrial Projects is taking the fizz out the economy Reserve Bank of India data showed loans to industry growth is 5.9 per cent in the same period. The Bank Nifty trend seen the Upside in a daily chart we may witness the Bank Nifty level around 17900-18100 in the upcoming week. The Crucial Levels for Bank Nifty is 17450-17570 and Upside is 17800-18000.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
US Foreign Portfolio Investors ask india to amend capital gains tax treaty - Foreign portfolio investors based out of the US have collectively approached the India with a request to amend the India-US tax treaty, exempting them from paying capital gains tax , people close to the development said. These investors — mainly pension funds —are those who had invested in Indian equities through Mauritius route. They say the India-US treaty should be amended in a way that there's no capital gains on those investors who do not pay taxes back home in the US. They also expressed their wish to directly come to India rather than route through an investment vehicle based in a third country such as Mauritius or Singapore, a person in the know said.

Most Asia Pacific Banks have buffers against commodity Risk - Moody’s - Moody's Investors Service says that banks in Asia Pacific show moderate loan exposure to borrowers in commodity-related industries, with such loans making up around 7% of gross loans on average at end-2015.However, the quality of such loans will likely continue to deteriorate, based on Moody's assessment that energy and commodity prices will remain low over a prolonged period.

Indian Companies raised a records Rs. 4.92 lakh crore last fiscal through Private Placement in FY’16 - Indian companies raised a record Rs 4.92 lakh crore last fiscal through private placement of corporate bonds to meet business needs, a surge of six per cent from the preceding year. Firms raked in Rs 4,92,047 crore in 2015-16 through private placement of corporate bonds, higher than Rs 4.66 lakh crore garnered in the preceding financial year ended March 2015, as per a report by Prime Database.This was the highest ever fund raising by companies in a financial year since 2001-02, when the firms had raked in Rs 45,427 crore.

RBI to Lower by Another 50 Bps in FY-17 - Morgan Stanley - The Reserve Bank is expected to keep key rates unchanged in the next policy meeting on June 7, but might lower rates by another 50 bps during the current financial year, says a report by Morgan Stanley.According to the report, retail inflation is likely to moderate going forward and is expected to decelerate to 4.5 per cent by March 2017. "Based on our CPI forecast and RBI's stated real rate target of 1.5-2 per cent, we expect RBI to lower rates by another 50 bps in FY2017," Morgan Stanley said in a research note.

Indian Economy to Grow at 7.7 per cent in this Fiscal - Survey - Indian Economy will grow 7.7 per cent in the ongoing fiscal Amid likely improvement in the Industrial and Agricultural sectors, Performance on Account of Good Monsoon, Though the investment cycle is expected to take at least a months to witness a Pick-Up. Say a Survey. “The Growth in 2016-17 is expected to be Supported by and improvement in the Agricultural and Industrial Sector Performance. Prediction of a Good Monsoon, After two consecutive years of sub-optimal rainfall back the improve outlook in the current fiscal.


✍ TOP ECONOMY NEWS
The country's first Nuclear Operator's Liability Policy has been issued to Nuclear Power Corporation of India, underwritten by a consortium of insurance companies through the India Nuclear Insurance Pool.

Foreign direct investment into India increased by 16.5% to USD 2.46 billion in March this year.

Indian IT companies would have to pay at least an additional USD 4,000 for every H-1B visa application under the new regulations that came into effect last December.

The Central Board of Direct Taxes on Friday issued a series of clarifications for the roll out of the Foreign Account Tax Compliance Act and the Common Reporting Standards, based on its interaction with financial institutions.

The Centre is actively considering proposals of four public sector general insurance companies to be part of the Pradhan Mantri Fasal Bima Yojana launched this year.

Mineral bearing states have collected penalty of the order of Rs. 11.71 billion from illegal mining activities between 2012-13 and 2015-16 till the end of September 2015.

The country's economy grew 7.6% in 2015-16, at the same rate pegged by advance estimates, compared to 7.2% in the previous year.

Indicating better tidings for the economy, the eight core sector industries grew 8.5% in April this year with refinery products and electricity registering double digit growth.


The Central Drug Standard Control Organisation is drawing up a new inspection model for pharmaceutical manufacturing sites that will help identify compliance issues and products that can be potentially harmful. The move follows concerns raised by foreign drug regulator over quality of medicines produced in India.

The general framework agreement for Kudankulam Nuclear Power Plant's Units 4 and 5 would be signed this year while negotiations were underway over configuration of Units 5 and 6, a Russian firm designing the Tamil Nadu-based atomic plant.

✍ TOP CORPORATE NEWS -
Battling pricing pressures in the US and at home, drug-maker Sun Pharmaceutical Industries has projected a revenue growth of 8-10 per cent in the year ahead. “I see traction in all parts of the business,” Dilip Shanghvi, Managing Director said. giving a guidance on the company’s growth prospects, taking into account remediation efforts at Sun’s Halol plant and the end of sales exclusivity on cancer drug Imatinib in the US. He also indicated that the recent acquisition of Novartis products in Japan would contribute to the company’s revenues later in the financial year.

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