TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Market has started flat on Tuesday but soon gained strenght. The Nifty hit 7500, up 16.55 points. Most Asian markets were trading lower , We have seen a big move in markets in a very short period of time. With some choppiness, and the kind of intraday pullbacks we have had in the past couple of days, there is a good chance that we will see higher levels. it is looking at rallies that possibly heading towards 7,680-7,700 level. Emerging Market and commodity currencies were supported by recovery of crude oil prices, The US market higher on crude price recovery. The Rate cut action by RBI is also anticipated after the government achieved the fiscal deficit target, China's February exports data release disappointed. market expectations, falling 25.4 per cent from a year earlier. The European Central Bank on Thursday cut its main refinancing rate to zero from 0.05 percent and increased monthly asset buys to 80 billion euros from 60 billion euros.The trend for Nifty is seem bull the crucial level for Nifty will be 7680 Upside and 7420 in down side.

BANK NIFTY : - The Bank Nifty opened lower on Monday at 15323 down by 16 points or 0.19 %. The Reserve Bank of India could slash repo rates yet again in its scheduled policy review meet, or a rate cut prior to the meeting could well, lie in the offing. The Europe Central Bank stimulus in the form of rate cuts further into negative territory and higher than expected increase in bond buying programme. The rating agency CRISIL downgraded the Public Sectors Banks, expectation that the asset quality problems being faced by PSBs will remain acute and continue through most of the next fiscal. The Resistance for Bank Nifty is 15489-16117 and Support for Bank Nifty is 14860-14620.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Public sector banks wrote off over Rs 1.14 lakh crore in last 3 fiscals: Arun Jaitley - FM Arun Jaitley reportedly said that State-owned banks wrote off over Rs 1.14 lakh crore debt during the last three financial years."The public sector banks have written off Rs 1,14,181 crore of debt during financial years 2013, 2014 and 2015." Jaitley stated that in case of technical write-off, the recovery efforts continue as accounts remain the books of branches.

ASSOCHAM urges PM to nudge CPSEs to spend Rs 5 lakh crore to revive growth - Lauding the public sector enterprises to be ready with a large investment kitty of Rs 5.02 lakh crore for the next financial year, ASSOCHAM today urged Prime Minister Mr Narendra Modi to convene a meeting of the CMDs of the CPSEs asking them to ensure that the entire planned expenditure for the fiscal 2016-17 is spent to give a leg-up to the economic growth.

Fitch Ratings lowers India's FY 2017 growth forecast to 7.7% - Fitch Ratings lowered India's economic growth forecast for next fiscal to 7.7%, but maintained the GDP projection for current fiscal at 7.5%. Fitch Ratings has made widespread downward revisions to growth forecasts in its latest Global Economic Outlook.

India's Forex Reserves dips $3.58 bn to $346.79 bn - The country’s forex reserves decresed by $3.58 billion from a week ago to $346.79 billion in the week ended February 26, according to RBI data. As per RBI data, the foreign currency assets stood at $325.02 bn on February 26. Gold reserves remained unchanged at $17.70 bn in the week. Meanwhile, the Special Drawing Rights and the country's reserve position in the IMF stood at US$ 1.47 billion and US$ 2.58 billion.

PSU banks NPAs increased by Rs. 1 lakh crore: Arun Jaitley - The bad loans of public sector banks increased by nearly Rs. 1 lakh crore during the first nine months of the current fiscal, Finance Minister Arun Jaitley reportedly said. Jaitley said that the gross NPAs of the PSBs increased from 5.43% as on March 2015 to 7.30 per cent as on December 2015. Gross NPAs of PSBs surged from Rs. 2,67,065 lakh crore in March 2015 to Rs. 3,61,731 lakh crore in December 2015, he said.


FDI equity commitments under Make in India at $46 bn: Jayant Sinha - Foreign investors have committed $ 45.68 billion worth of equity capital inflows under the government's ambitious Make In India programme till December 2015, Parliament was informed today. Giving details of "FDI equity inflow received after Make In India initiatives for the period October, 2014 to December, 2015. Minister of State for Finance Jayant Sinha said in a written reply in Lok Sabha that $29.44 billion came in during April-December period of 2015-16.

Economic growth improving in India: FM Arun Jaitley - The economic growth rate is expected to increase to 7.6 per cent in 2015-16, Finance Minister Arun Jaitley said today. The growth rate increased from 6.6 per cent in 2013-14 per cent to 7.2 per cent in 2014-15. It is estimated to have further increased to 7.6 per cent in 2015-16 , indicating that economic growth has been improving in India," he said in a written reply to the Rajya Sabha.

Global headwinds no sign of a recession, says Moody's - The prolonged decline in oil prices and weaker expansion in Chinese economy have dimmed growth prospects of several economies, but it does not signal a threat of global recession, Moody's Investors said."Risks to global growth have increased, but despite the recent market volatility, we don't believe that the world's advanced economies will enter recession," said Moody's Senior Vice-President Elena.

IIP growth was at 3.3% during Jan-Dec 2015 - Index of Industrial Production prepared by Central Statistics Office, Ministry of Statistics and Programme Implementation at 2004-05 base year measures performance of industrial production in the country. The growth of IIP in 2015 was 3.3 per cent compared to 1.8 percent in the same period of 2014.

IMF emphasizes on collective action for guarding global economy - The global economy’s health is growing worrisome amid volatile financial markets and low commodity prices and is in dire need of collective action for getting buoyed, as per David Lipton, first deputy managing director of the International Monetary Fund. Since the time the international lender lowered its 2016 growth forecast to 3.4 percent in January, perils to the world economy have got intensified, he said. The economist said the world economy is in the midst of risks, including some new ones and the are not really far-off, which is a point that must be focused on. Global economic growth is rebounding albeit with a base line, not so robust.

Emerging Economies drive global trade: World Bank - After dramatically declining in the first half of 2015, global trade recovered but at a slower pace over the rest of the year, so that world imports grew by only 1.7 percent in 2015 compared to 3 percent in 2014. According to a new World Bank Group paper, Global Trade Watch: Trade Development in 2015, by World Bank Group Economists Cristina Constantinescu, Aaditya Mattoo and Michele Ruta, global trade in 2015 reflected persistently weak demand and structural changes in world trade, compounded by falling commodity prices and China’s transition to a new growth path.

Moody's: Impact of low oil prices on global corporate sectors shifts - The benefits of this prolonged period of very low oil prices are diminishing for some corporate finance sectors or even starting to have a negative impact on others, said Moody's Investors Service.The exploration & production, oilfield services, building materials and steel industries continue to bear the immediate effects of low oil prices. The global oversupply, combined with additional exports coming from Iran and OPEC countries producing at capacity, has led to a fundamental shift in the energy industries. Moody's price estimates for oil reflect this shift and is in the process of concluding ratings reviews of issuers in these industries owing to the deterioration in credit conditions linked to persistently low oil prices.

ECB pulls out all the stops, cuts rates and expands QE - The European Central Bank delivered a surprise package of measures to kickstart Europe's economy on Thursday, cutting its main interest rates and expanding its massive bond-buying program. The bank's president, Mario Draghi, said the outlook for economic growth in the euro zone had been revised slightly down mainly reflecting the weakened outlook for the world economy but added that he did not anticipate needing to reduce rates further.

Govt hopeful of passing GST Bill in budget session: Jaitley - Finance Minister Arun Jaitley on Sunday said that the Government was hopeful of passing the Goods & Services Tax bill in the second half of the budget session, which will resume on April 20. The GST bill, which has received the approval of the Lok Sabha, is stuck in the Rajya Sabha.The Government has already said that it is ready with the required infrastructure for the roll out of GST.


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