TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : The Market has opened in negative bias on Monday with 50 Shares Index Nifty 50 down by 55 points or 0.67 percent at 8115. A Global Equities rally and a Brexit fear helped the Market stave off the pessimism surrounding. The Reserve Bank of India Governor Raghuram Rajan’s exit decision, And the further a dose of Foreign Direct Investment boost from the Government opening up Aviation , Defence , Pharma later in the day aided the Sentiment on Monday. After reforms in the foreign direct investment regime, the Cabinet is likely to take up a few more measures to get spectrum proceeds and give a boost to the labour-intensive textile industry. On Friday the Market fall more than 3 per cent on the back of UK exit Polls outcomes now the Market seems Weakening. The Market did not Fall when Global market falling. It held value well, but in the last three to four days. FII’s Flow remained negative. If the trend Continue. It may bring the market down. The Nifty is likely to Find the Support in the 7800-7950 range in Short-Term. The Overall structure indicate buy on dips declines and a Bullish Structure. As far as it closing beyond 7900 is maintained. The Crucial Level for Nifty is 8050-7950 is down side and 8300-8350 on Up side.

BANK NIFTY : - The Bank Nifty has opened in a Negative Trend on Monday after marginal gain in last week. Bank Nifty Opened below 271 points or 1.53 Per cent at 17425. The CITI Bank Report Suggest Policy rates are likely to remain high through the rest of 2016. if RBI maintains present CPI target, which remains too much of a close call given the present food inflation levels and the weak correlation between monsoons and food prices, says report. Having met the target last year, The banks are expected to disburse Rs.1.80 lakh crore loans under the Pradhan Mantri Mudra Yojana in the current fiscal, Minister of State for Finance Jayant Sinha said. Major improvements are also in the offing for Micro Units Development. The Government plan to fix stressed assets. The Bank Nifty trend seems to Continue in bear trend for upcoming week. The crucial levels for Bank Nifty is 17180-17300 down side and 17600-17700 is up side

NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Government to take measures to assess quality of expenditure - The government is putting in place new measures to assess the outcome of expenditure on building schools, toilets and waterbodies and ministries have asked to prepare indicators to monitor the quality of spending, a top finance ministry official has said."We are doing a close monitoring of the pace of expenditure. Monitoring the outcome is more important. That is the direction in which we will have to move," Ashok Lavasa, who recently took over as the finance secretary said in an interview.

Rexit: Rating action to depend on policies, not personalities, says Fitch - Allaying concerns of any impact on India's sovereign ratings due to RBI Governor Raghuram Rajan's decision against a second term, leading global rating agency Fitch today said "policies are more important than personalities" on this front.The leading credit rating agency said it recognises Rajan's contribution in setting significant policy changes in motion and said the new Governor will inherit a solid basis. "From a rating perspective, policies are more important than personalities," said Thomas Rookmaaker, Director in Fitch's Asia-Pacific Sovereigns Group.

Cabinet clears Rs 6,000 crore package for textile sector - :The government has announced a Rs. 6,000-crore package for the textiles and apparels sector to help it wrest a bigger share of the global market. The package also provides the sector more flexible labour laws and financial incentives. It hopes the package will create one crore new jobs in three years, attract Rs. 74,000 crore in investment and generate $30 billion in exports earnings. "The package will help in realising the true potential of employment generation in the textile and apparel sector," Finance Minister Arun Jaitley said at a briefing on Cabinet decision. The thrust of the package is to make this labor-intensive industry cost competitive and achieve economies of scale, which can help it corner a bigger share of the global market. "We will overtake Vietnam and Bangladesh in garment exports within next three years if we properly implement the package," he said.

RBI fixes Market Stabilization Scheme ceiling at Rs 30,000 crore for current fiscal - Reserve Bank today said the ceiling under Market Stabilization Scheme, a tool to manage liquidity, has been fixed at Rs. 30,000 crore for the current fiscal. "In accordance with the provisions of the Memorandum of Understanding on the Market Stabilization Scheme , the ceiling for the outstanding balance under the MSS for the fiscal year 2016-17 has been fixed at Rs 30,000 crore", RBI said in a notification. This ceiling will be reviewed when the outstanding balance reaches the threshold limit of Rs 15,000 crore. The current MSS outstanding balance is zero, RBI added.

NPA’s lead to slow credit growth, not high interest rates: RBI's Raghuram Rajan - Reserve Bank of India Governor Raghuram Rajan defended his stance on interest rates and getting banks to recognize their bad assets, saying that slow credit delivery has largely been on account of stress in public sector lenders and not due to high interest rates or the lack of capital. The central bank has reduced key policy rates by 150 basis points, or 1.5 percentage points, since January last year. Rajan, who will leave the central bank when his term ends in September, has been criticized for going too slow on rate cuts. "The cleaning up of bank balance sheets, and the restoration of credit growth are vital, related elements in the growth agenda," the governor said on Wednesday.

RBI likely to cut rates up to 25 bps in FY17: Ambit Capital - The Reserve Bank may slash interest rates up to 25 basis points in the current financial year hinging on the possibility that inflation will continue to remain high even if monsoons are normal, says a report. As per estimates by financial services and investment research firm Ambit Capital, the CPI inflation is expected to average at an estimated 5.8 per cent year-on-year in the current fiscal, which is higher that the RBI's projection of about 5 per cent. "We expect room for rate cuts to be limited owing to two reasons - there is a high likelihood that inflation remains sticky at 4.5-5.5 per cent in 2016-17 even if monsoons are normal," Ambit said.

Monsoon rains in India seven per cent below average in past week - Monsoon rains in India were 7 percent below average in the week ending June 22, the weather office said on Thursday, narrowing the deficit since the season started on June 8. The June-September monsoon rains have remained 18 percent low so far, but have covered almost the entire country, and helped quicken the planting process of summer crops such as paddy rice, soybeans, cotton and pulses.

Economic recovery on the horizon, need big investment in infrastructure: Kumar Mangalam Birla - The Aditya Birla Group will list its financial services business when the time is right, possibly seek acquisitions in telecom to plug gaps in spectrum and may even consider floating an asset recast firm amid bright prospects for an economic resurgence in the country, Chairman Kumar Mangalam Birla said in an interview. "I expect some sort of revival to happen in the next few quarters. My view is that internally the big inflection point is going to come when the government steps up its investment in infrastructure. And I see the first sign of that primarily in roads and highways," Birla, 49, said at his Mumbai headquarters in a conversation laying out his broad strategy for the group. "I feel pretty optimistic. A good monsoon will help, global factors falling in place matter a lot and lots need to be done by states also."

New FDI norms remove ambiguity, cut down approvals: Finance Secretary Ashok Lavasa - Government has done away with additional layer of approvals as well as removed ambiguities in the provisions while further opening doors for foreign investments in nine sectors, Finance Secretary Ashok Lavasa said today. "There were two considerations overriding in the FDI policy. One was to remove such phrases or provisions which had any ambiguity, or which would lead to interpretation by one person which someone else will question. The second overriding consideration of FDI policy was wherever there was a law which prevails, wherever there are regulations which the companies are supposed to adhere to, those laws will be adequate to deal with the concerns of that particular sector," he said at an event here.


✍ TOP ECONOMY NEWS
The Mumbai zone of service tax department has reported 25% growth in tax collection at Rs. 108.73 billion in April-May this year.

Continuing their bullish stance on India, foreign investors have pumped in close to Rs. 44 billion into the country's stock markets so far this month, driven by hopes of an above normal monsoon.

Union Minister Piyush Goyal has said his ministry will not reduce the government's stake in power sector PSUs below 51%.



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