TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Market has opened lower on Monday on the back of weak global cues. The Nifty was down 51 points at 7798. Asia markets took sell in may sentiments to heart, The Bank of Japan’s surprise decision to not to infuse further stimulus in the economy. Oil prices dipped on sign that production in the middle east is continuing to rise, Sentiments globally took a beating as manufacturing data in major world economies brought back fresh concerns over global economic growth. On the domestic front Quarter fourth results of companies surprised more companies are reporting better number than expectation. Widening stress in banking sector sluggish economic indicators is indicating difficult time ahead. “ A sustainable move below for Nifty 7700 level could possibly accelerate the ongoing downward momentum and the correction could then extend till 7,600-7,516 levels. If the Nifty Sustain the 7700 level we may witness some positive movement in the market in upcoming week. The strong Support for Nifty is 7700-7640 and Resistance 7780-7850.

BANK NIFTY : - The Bank Nifty has opened Negative on Monday down by 181 points at 16614. The Several Public Sector Banks including State Bank of India are yet to raise funds totalling over Rs. 22,000 crore from markets, for which they were granted permission by the government the Finance Minister Arun Jaitealy said on Friday. The Reserve Bank of India governor in a reply submitted to the Public Accounts Committee , which had sought the reasons for the "ballooning" of the stressed assets in the banking system, listed six reasons. Scheduled commercial banks credit grew by 9.7 per cent in the quarter ended December helped by higher growth in advances of private sector banks RBI said. from the global front the strong US economic data suggest that June fed rate hike may possible. The Strong support for Nifty is 16300-16100 and Resistance is 16500-16750.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
India can save $50 billion if logistics costs are brought down to 9% of GDP - India can save up to $50 billion if logistics costs are brought down from 14 per cent to nine per cent of country’s gross domestic product thereby making domestic goods more competitive in global markets, an ASSOCHAM-Resurgent India joint study said today.“With expected inflow of new investments owing to government’s thrust on promoting domestic manufacturing sector, India’s cargo and logistics industry is likely to clock a compounded annual growth rate of about 16 per cent during the course of next few years,” noted the study conducted by ASSOCHAM jointly with knowledge firm Resurgent India. “The ‘Make in India,’ campaign will see investments connect India to global production networks that would generate new business for logistics in the country thereby making it an attractive location to do business as compared to other regions in the world.

India's manufacturing activity slows to four-month low in April - PMI data indicated that Indian manufacturers raised output at a slower pace in April as new business inflows were broadly unchanged during the month. The upturn in new export orders was sustained, although growth was at a six-month low. There were divergences with regards to stock levels, with holdings of finished goods continuing to fall while pre-production inventories rose again. On the price front, input costs increased at the fastest rate in 11 months, whereas charge inflation eased since March. Reflecting softer contributions from four of its five sub-components, the seasonally adjusted Nikkei India PMI– a composite single-figure indicator of manufacturing performance – fell from 52.4 in March to 50.5 in April. The latest figure pointed to the weakest improvement in business conditions in the current four-month sequence of above-50.0 readings.

Government expecting Rs 25 lakh crore investment for infra development: Nitin Gadkari - The Government expects investments worth Rs. 25 lakh crore in roads, railway and shipping infrastructure over the next three years, including setting up of 27 industrial clusters at ports at ~INR 8 lakh crore, Road Transport & Highways Minister Nitin Gadkari said on Friday at an event in New Delhi. According to him, the Centre plans to spend an additional Rs. 5 lakh crore on road, railway and ports connectivity projects, apart from Rs. 8 lakh crore on 27 industrial clusters and smart cities at ports. He also announced that the total award of highways projects will rise to INR 2 lakh crore by May this year as compared to Rs. 1.6 lakh crore at present. Gadkari added that the figure would rise to INR 5 lakh crore by May 2017.

Caixin China General Manufacturing PMI at 49.4 in April - Operating conditions across China’s manufacturing sector continued to deteriorate in April, albeit marginally. Output was little-changed from the previous month, as total new orders stagnated and new export work fell for the fifth month in a row. Relatively weak market conditions and muted client demand contributed to a further solid decline in staff numbers. Companies also displayed cautious inventory policies in April, with stocks of finished goods and inputs both falling at faster rates. Prices data indicated that inflationary pressures intensified across the sector in April, with input costs rising at the quickest pace since January 2013, which in turn underpinned the quickest rise in output charges since October 2011.

Services trade may play bigger role in GDP numbers -The government plans to enrich and sharpen its data calculation by including detailed statistics on trade in services to determine a more comprehensive economic growth figure for the country. The commerce ministry has asked the statistics ministry to collect country-wise and product-wise data on trade in services to compute an all-encompassing gross domestic product estimate.This will give a better picture of India's exports and create a complete database of the goods .and services trade. The statistics ministry plans to start collecting this data from July.

Raghuram Rajan's advisers worry over 2.1% decline in remittances to $68.9 billion - External advisers of Reserve Bank of India governor Raghuram Rajan are worried about the monetary policy implications of slowing remittances by overseas Indians for the first time since 2009 even though India does not rely significantly on such funds to meet foreign exchange requirements. Remittances to India, the world's largest remittance recipient, decreased 2.1% last year to $68.9 billion, a World Bank release had said earlier this week. "This marks the first decline in remittances since 2009 it said.



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