TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty opened flat on Monday down by 5 points or 0.05 percent at 8710. After a splendid rally last week that pushed Nifty towards 9000 levels, profit booking was seen on the last trading day with both banking as well as IT stocks correcting significantly. With a sharp nosedive in US markets on Friday night due to both North Korean missile test and US FED rate hike concerns, recent global market rally comes to an intermediate pause at least for the time being. Midway through the September F&O series. The benchmark Nifty has Corrected by over 250 points, Already from its high of 8995. FII and pros have been seller in F&O as well as cash market in this week. The Nifty traded flat amid talk of Rupee devaluation and tepid Global cues. The Nifty chart suggesting that , Nifty to sustain crucial Support level of 8700-8780 area For further rally up to 8870-8800 zone. The crucial levels for Nifty is 8700-8640 down side and 8880-8920 is Up Side.
BANK NIFTY : - The Bank Nifty has opened in a negative bias down by 33 points or 0.17 per cent at 19757. Consecutive closing above 21200 for any reason, Whatsoever Bank Nifty may further rally upto 20750-21900 in near to mid term. The Fundamental Valuation of Bank Nifty P/E around 30.33 and it goes around 23500 level, it may be quite expensive. Bank Nifty is facing a big hurdle at 20540-20750 despite power of liquidity, Sustain below 20200- may drag it 18900 in near term. The Reserve Bank of India has instructed banks to accept cash deposits at the counter from people declaring unaccounted wealth under the Income Declaration Scheme. The Bank Nifty Chart is Suggesting the range of 19560-20300. The Crucial Level for Nifty is 19800-19650 down side and 20150-20280 is up side.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
India’s Direct tax mop-up rises 15 % in Apr-Agust - The figures for Direct Tax Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved. As regards the growth rates for Corporate Income Tax and Personal Income Tax, in terms of gross revenue collections, the growth rate under CIT is 11.55% while that under PIT is 24.06 %. However, after adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to Rs. 77,080 crore have been issued during April - August, 2016, which is 22.18 % higher than the refunds issued during the corresponding period last year. The figures for indirect tax collections upto August 2016 show that net revenue collections are at Rs. 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved. As regards Central Excise, net tax collections stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 48.8%.





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