TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty 50 opened in a Negative bias on Monday down by 24 points or 0.26 per cent at 8807. Nifty was positive for the last week despite Friday’s selling. The benchmark Nifty has a major Support of 8790 which the index is likely to retest in this week. Nifty upside resistance remain at 8920 level. The benchmark Nifty witnessed major profit booking in the September series for last two trading sessions. Nifty corrected by 100 points from its record high of 8920. The Nifty gave positive close on Wednesday after the three days of selling with benchmark Index closing above 8750. That was very positive sign for bull market. Volatility has been witnessed by the Indian market in the last week as oil issues are diving much deeper than expected. Nifty fell by 200 points on Thursday as news came out that Indian armed forces carried out surgical strike in Pakistan occupied Kashmir. Nifty Chart Suggest That Nifty is expected to bounce back from the support of 8560-8600. The Crucial levels for Nifty is 8732-8895 is upside and 8481-8393 is down side.

BANK NIFTY : - Bank Nifty opened in a negative territory on Monday down by 109 points or 0.55 per cent at 19792. Bank Nifty fell below its critical support level of 19810. As per dynamic levels the next Weekly target for index is 19800. On Wednesday trading session the Banking Stocks gave strong positive movement with Public Sector Banks among the top gainers. Reserve Bank of India said lenders can publish photograph of only those who have been declared willful defaulter as per central Bank Guidelines. From this level the bulls need a close above 19732 for a move till 19904-20000. On the other side Bear will be active below 19452 for move towards 19300-19100. the crucial levels for Bank Nifty is 19430-19911 up side and 19057-18950 is down side.

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Assure that GST will be applicable from April 1 across India : The union government is abiding by the target date for implementing the goods and services tax to ensure that it is applicable from April 1, 2017 across India, Minister of State for Finance, Arjun Ram Meghwal said at an ASSOCHAM event held in New Delhi. “I can assure you that 1st April, 2017 is the target date for implementing GST in India and we are abiding that particular target and I can assure that 1st April 2017, GST will be applicable in the country,” said Mr Meghwal while inaugurating an ‘ASSOCHAM Global Investors’ India Forum.’ He said that all the issues relating to the states - whether pertaining to the standard rate, area-based exemption, product-based exemption, slab in the GST rate all will be decided in the GST Council after detailed discussion with the states. “We will deliberate the issues and definitely decide in the interest of the nation,” said Mr Meghwal. The Union Minister added that the GST is a major initiative that can take India’s GDP growth to double digit level i.e. up to 10% from current level of over seven per cent. Highlighting that the Government is slowly moving towards the goal of - one nation, one tax, he said, “We will consider all aspects and to promote ease of doing business and ensure success of Make in India program, we can also consider slab related issues.”

Robust demand, milestone reforms sustain India’s growth momentum : Asian Development Bank - India’s economy will remain on a strong growth path this fiscal year and next, aided by implementation of key structural reforms, robust consumer demand, and higher agricultural output driven by a good Summer monsoon, says a new Asian Development Bank study. In an update of its flagship annual economic publication, Asian Development Outlook 2016, ADB forecasts FY2016 gross domestic product growth of 7.4%, unchanged from its March projection. FY2017 growth is also seen unchanged at a faster clip of 7.8%. “With increasing investment over the coming year, India will remain the fastest growing major economy in the world,” said Juzhong Zhuang, Deputy Chief Economist. “Legislation to allow a national value-added tax is a milestone reform for India, while ongoing efforts to restructure bank balance sheets will help underpin faster growth moving forward.” Overall growth in the first quarter of FY2016 fell to 7.1% year-on-year as private consumption, investment, and construction moderated. Weak rains slowed agricultural output and credit growth remained subdued. At the same time, services grew by over 9% year-on-year, aided by a sharp rise in government spending, with government consumption posting its highest level of growth in almost 2 years.

Moving forward, the Update expects the economy to benefit from the flow through impacts of ongoing reforms, including the approval in August 2016 of legislation to allow the introduction of a long-awaited uniform goods and services tax. This landmark legislation is expected to boost GDP growth and revenue for the government. The effects of a healthier monsoon season, after 2 years of weak rains, will spur growth and government approval of a pay hike for public servants last August will continue to fuel buoyant consumption, which will remain a key growth driver. Construction, meanwhile, will benefit from the government announcement of measures to ease rules for quicker settlement of housing disputes, and to clear the way for fresh liquidity injections into stalled projects.

Arun Jaitley to brief Parliamentary panel on progress made on GST- Finance Minister Arun Jaitley will tomorrow brief a Parliamentary panel that includes Congress Vice President Rahul Gandhi on the progress made on Goods and Service Tax since the landmark law was passed by the Parliament last month. With the government planning to implement the new GST regime from April 1 next year, Jaitley will brief a meeting of the 30-member Parliamentary Consultative Committee on Finance and Corporate Affairs tomorrow on the new indirect tax regime. Sources said Revenue Secretary Hashmukh Adhia will also be present at the meeting. Jaitley is the Chairman of the Committee that besides Gandhi also includes Kamal Nath , Supriya Sadanand Sule and Udit Raj among the 20 members from Lok Sabha. Prominent among the 10 members from Rajya Sabha. Since the time Parliament approved the 122nd Constitutional Amendment Bill to bring Goods and Services Tax , the biggest reform in India's indirect tax structure since the economy began to be opened up 25 years ago, more than half of the 31 assemblies in states and union territories have approved it. Subsequent to that, GST has been notified and it has now become a law. A GST Council, headed by Jaitley and having members from each of the states, has been constituted. The Council, which will decide on the tax rate, among other things, has already held its first meeting. It is scheduled to hold its second meeting tomorrow. The proposed GST would subsume various central (excise duty, additional excise duty, service tax, countervailing or additional customs duty, special additional duty of customs), as well as state-level indirect taxes (VAT/sales tax, purchase tax, entertainment tax, luxury tax, octroi, entry tax, among others.

Monetary policy panel to meet before October 4 : Economic Affairs Secretary Shaktikanta Das said the new six-member Monetary Policy Committee, which will set interest rates, will meet before the Reserve Bank of India's policy review on October 4 and give their recommendations. "The MPC will, of course, meet before the fourth of October and the committee will give their recommendations based on which the RBI will take a decision," Das told reporters on the sidelines of a conference on corporate bond markets. Last week, the government picked three low-key economists for the committee. The rest of the panel will comprise RBI Governor Urjit Patel and his two senior-most monetary policy officials.

Infrastructure is key to growth of economy : The Union Finance Minister Arun Jaitley said that infrastructure is key to growth of economy. Jaitley said that an institutionalized forum amongst BRICS countries could serve as a regional knowledge hub with exchange of information facilitated through cloud sharing, and other electronic methods. Jaitley said that projects in transportation sector like Highways, Ports and Railways will be area of mega economic activity as far as the infrastructure sector in India is concerned. The Finance Minister Jaitley further said that investment, both from the public and private sector, will be required for infrastructure financing, especially in areas of health, education, sanitation, renewable energy, highways, ports and railways among others. The Finance Minister was delivering the Inaugural Address after inaugurating the BRICS India 2016 seminar on “BRICS Seminar on Best Practices in Public Private Partnerships and Long-term Infrastructure Financing” in the national capital here today.

The Union Finance Minister Arun Jaitley outlined the strategy the Government has adopted to boost the Indian Economy like Make in India, 100 smart cities, and liberalised FDI regime. He said that the Government gives high priority to Infrastructure and have taken a number of policy decisions like NIIF, Innovative new financial instruments such as REITS, INVITS, IDFs. He stressed the need for BRICS member countries to share their experiences in financing and delivery of infra projects so that they can collectively move to higher quality and efficiency in the delivery of public services.




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