TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Market has Opened Positive on Monday with the 50 shares Index Nifty 50 was up 23 points or 0.26 per cent at 8564. The domestic equity Indices remained cautiously positive amid the kick start of the monsoon session of parliament kicks. There are hopes that much awaited Goods and Services Tax bill will finally see light of the day. The Market stay positive thanks to upbeat economic data and the beginning of the Earning Season on a positive note. The Morgan Stanley hope the Reserve Bank of India may cut the key rate by 50 bps point in current fiscal on the back of inflation is expected to fall at 4.6 per cent. The Foreign Direct Investment October last year and may this year grew 46 percent to $ 62 billion after the launch of make in India programme according to report. The immediate trend of the market quite strong and may remain intact till the momentum does not fizzle out below 8480-8450 zone decisively. The Crucial levels for Nifty is 8590-8640 up side and 8450-8480 is down side.

BANK NIFTY : - The Bank Nifty has opened in a Positive note on Monday up by 45 point or 0.24 percent at 18998. The Government has provide Rs. 22,915 crore of capital to state run banks. Infusing Fund early in the Financial Year, as it look the boost lending and shore up the Economic Growth. The biggest beneficiary of the capital allocation is State Bank of India which gets nearly a third of the amount up-to Rs. 7,575 crore. According to Fitch Rating report Indian Banks will need $ 90 billion in total additional Funds to meet Global Capital Adequacy norms by 2019. Bad loans of the State Run Banks is Expected to go up 10.1 per cent for the Current fiscal the Minister of State Finance Santosh Kumar quoted as saying on Financial Stability Report. The Bank Nifty is Seems Positive for next week it has Formed the Bullish Candle on daily chart. The Crucial levels for Bank Nifty is 19150-19280 up side and 18750-18615 down side.
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Government Forgoes Rs. 17.15 lakh crore revenue due to tax incentives - A total of Rs 17,15,461 crore revenue has been foregone by the government due to tax incentives in the last three financial years, Parliament was informed today.
The amount foregone is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha. Likewise, the amount forgone Indirect Tax is estimated at Rs 4,56,937 crore in 2013-14, Rs 4,35,756 crore in 2014-15; and Rs 4,82,489 crore in 2015-16. Gangwar said Rs. 13,03,344.61 crore was allocated for food subsidy in 2016-17 and so far Rs 57,333 crore has been released.

Textile Sector to grow at 6 per cent to $ 40 billion in FY 2017 - After witnessing a de-growth of 2 per cent in FY 2016, textile exports is expected to grow at 6 per cent to $ 40 billion in FY 2017, driven by the expectations of growth in the apparel segment and higher Fibre prices, says ICRA in its research update on the Indian textile industry. According to Anil Gupta, VP, Corporate Sector Ratings, ICRA Ltd "Despite volume growth in most of the segments, de-growth in the value of textile exports during FY2016 was driven by lower Fibre prices. For FY2017, while raw-cotton export is expected to decline, however, other segments, especially apparels, shall see positive volume growth, especially due to improved export competitiveness supported by the recent financial package for the textile industry."

Government not in favour of any fresh exemptions for new Japanese industrial enclaves - With the government keen to weed out exemptions and lower the corporate tax rate to an internationally comparable 25%, it is not willing to give any fresh ones. As a result, the proposed Japanese enclaves for industries have hit a tax wall with the revenue department making it clear that it cannot offer sops against its overall philosophy of ending them. This issue figured in an inter-ministerial meeting called by Niti Aayog, said a government official aware of the matter. "The revenue department is not in favour of taking up any fresh exemptions," the official said. The final decision will be taken at the highest level. The industrial townships are envisaged as integrated industrial parks with ready made operational platforms having world-class infrastructure, plug-and-play factories and investment incentives for Japanese firms. This is part of the Japanese government's initiative to double investments in India to about $35 billion in the next five years and strengthen bilateral economic ties. The government has already unveiled its plan to remove corporate tax exemptions and bring down the rate to 25%.

India tops chart in financial inclusion progress: BCG - India has topped the chart denoting the progress made by countries on the financial inclusion front as around 20 crore people have "gained access" to financial services, according to a report by global consultancy firm BCG. However, the report said India and several other countries are not effectively converting their economic growth into well-being improvements for their citizens. "India also produced strong ...improvements but converted its strong growth into well-being at a rate slightly below average," the Boston Consulting Group today said in its report titled 'The Private-Sector Opportunity to Improve Well-Being: The 2016 Sustainable Economic Development Assessment'. The report noted that India also leads the pack in progress on financial inclusion as nearly 200 million people have gained access to financial services.


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