TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - The Nifty50 started on a cautious note with a flat trade in morning on

Monday on the day of union budget 2016.The Nifty was trading at 7017 down 13 points

or 0.18 per cent. It touched a high of 7,053 and a low of 7,006. The Nifty started flat on

Tuesday but was still trading above its crucial support level of 7,000, weighed down by

losses in oil & gas, consumer durable, capital goods, auto stocks. With India's price-to-

book versus return on equity premium dropping below 40 percent for the first time since

May 2015. In a super rally post Budget also boosted by strong Asian cues, the market is

making mighty gains. The Nifty is up 500 points, Nifty Bank surges more than 1500

points from Budget day lows in two trading session. The Nifty50 reclaimed it crucial

resistance level of 7,300 and was trading near its next crucial level of 7,350. FM Arun

Jaitley pledge to maintain FY16 fiscal deficit target at 3.5 per cent of the GDP. The

positive comes from Wednesday some anticipation of Policy easing by RBI amid positive

global market. The Crucial Support for Nifty is 7370-7220 and the Resistance for Nifty

is 7530-7680.

BANK NIFTY : - The Bank Nifty opened higher on Monday at 13818 up by 27 points

or 0.2 %. Bank Nifty jumped 4.7% , on Tuesday the Banking stocks was top gainer. The

Reserve Bank of India relaxed norms on tier-I capital relating to the treatment of certain

balance-sheet items, including property, which will help PSU Banks unlock capital

totaling about Rs. 35,000 crore. Bank Nifty opened with a terrific 3 per cent gain, which

is really large for an index. We are headed further higher. On Wednesday Once again the

interest rate sensitives like the banking and the auto stocks led the rally on hopes that the

Reserve Bank of India is likely to announce reduction of interest rate.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

7686 7532 7455 7378 224

WEEKLY R2 R1 PP S1 S2

9287 7939 7265 6591 5243

MONTHLY R2 R1 PP S1 S2

8726 7798 7334 6870 5942

BANK NIFTY

DAILY R2 R1 PP S1 S2

16579 15689 15244 14799 13909

WEEKLY R2 R1 PP S1 S2

20842 16762 14722 12682 8602

MONTHLY R2 R1 PP S1 S2

19094 16330 14948 13566 10802

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 7196 7428 7692 7964

BANK NIFTY 14422 15254 16222 17109

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 6885 7588 8092

BANK NIFTY 13652 16485 18540

PATTERN FORMATION ( NIFTY )

Detail of Chart -

On the Above given weekly chart of Nifty Applied Bollinger Band along with Parabolic SAR. and the Bollinger

Band is in the spread range it has break the lower band of the Bollinger Band and after breaking the level it has

given the Gap up opening and it is breaking the channel line also and reverse in the bull trend which is indicating

the Bull movement for the Nifty the crucial Support for Nifty is 7370-7300 and the Resistance for Nifty is 7530-

7680 , if the Nifty is able to break the level of 7500 we may witness the level of 7700 for next week.

PATTERN FORMATION ( BANK NIFTY )

Details of Chart-

On the Above given weekly chart of Bank Nifty applied Bollinger Band along with Parabolic SAR. and the

Bollinger Band is in the spread range it almost touched the lower band but not break. the Bollinger Band and after

touching the level it is consolidating on Bull side ,Parabolic SAR The creating dot Upside which is the clear signal

towards the consolidation Market For The Bank Nifty , however the Bank Nifty crucial Support is 15000-14800

and the Resistance is 15600-15780 .

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1266 1252 1242 1228 1218

ALBK EQ 54 53 50 48 46AMBUJACEM EQ 205 204 201 200 197ASIAN PAINT EQ 903 883 871 851 839AXISBANK EQ 423 418 414 409 405BAJAJ-AUTO EQ 2329 2313 2287 2271 2245BANKBARODA EQ 154 151 147 144 140BANKINDIA EQ 100 97 94 91 88BHEL EQ 112 109 106 103 100BHARTIARTL EQ 339 334 330 325 321CIPLA EQ 552 545 537 530 522COALINDIA EQ 334 330 322 318 310DLF EQ 113 109 107 103 101DRREDDY EQ 3327 3288 3244 3205 3161GAIL EQ 352 346 339 333 326GRASIM EQ 3577 3544 3497 3464 3417HCLTECH EQ 873 854 842 823 811HDFC EQ 1140 1126 1116 1102 1092HDFCBANK EQ 1044 1032 1013 1001 982HEROMOTOCO EQ 2893 2864 2826 2797 2759HINDALCO EQ 83 81 79 77 75HINDUNILVR EQ 863 856 849 842 835ICICIBANK EQ 226 224 221 219 216ITC EQ 324 319 317 312 310INDUSIND EQ 948 933 907 892 866INFY EQ 1198 1185 1172 1159 1146JINDALSTEL EQ 67 65 64 62 60KOTAKBANK EQ 685 677 661 653 637LT EQ 1237 1215 1201 1179 1165M&M EQ 1237 1227 1218 1208 1199MRF EQ 34886 34556 34090 33760 33294MARUTI EQ 3664 3615 3571 3522 3478ONGC EQ 206 203 201 198 196ORIENTBANK EQ 97 94 89 86 81RCOM EQ 58 57 55 54 52RELCAPITAL EQ 375 369 364 358 353RELIANCE EQ 1020 1013 1008 1001 996RELINFRA EQ 481 476 466 461 451RPOWER EQ 48 48 47 46 45SBIN EQ 196 192 185 181 174SSLT( VEDL) EQ 94 90 87 84 80SUNPHARMA EQ 883 869 861 847 839TATAMOTORS EQ 353 348 343 338 333TATAPOWER EQ 60 60 59 59 58TATASTEEL EQ 295 291 288 284 281UNIONBANK EQ 132 129 123 120 114

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION)

NSE CASH

1. NIITTECH NSE CASH - LONG POSITION CAN BE MADE IN NIITTECH ABOVE 498

FOR TGT OF 543 AND SL OF 482.

2. UCOBANK NSE CASH - A CONSOLIDATION BREAKOUT WAS SEEN IN UCOBANK

AND LONG POSITION CAN BE MADE ABOVE 36 FOR TGT AND OF 39.25 AND SL OF

34.85.

3. INOXWIND NSE CASH - LONG POSITION CAN BE MADE ABOVE 310 IN INOXWIND

FOR TGT OF 335 AND SL OF 301 .

4. BALRAMCHIN NSE CASH - LONG POSITION CAN BE MADE IN BALRAMCHIN

ABOVE 92 FOR TGT AND SL OF 101 ,89 RESPECTIVELY.

5. QUICKHEAL NSE CASH - LONG POSITION CAN BE MADE IN QUICKHEAL ABOVE

245 FOR TGT AND SL OF 267 ,236 RESPECTIVELY.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 UNITED SPIRITS LTD.

2592.35 2432.65-6.16 %

2 (a)P

374.40 353.00-5.72 %

3 IPCA LABORATORIE

609.25 575.75-5.50 %

4 ONGC 209.40 200.35-4.32 %

5 OIL INDIA LTD. 318.40 309.95-2.65 %

6 WELSPUN INDIA 872.65 849.75-2.62 %

7 APOLLO HOSPITALS

1438.65 1406.40-2.24 %

8 MPHASIS LTD. 439.65 429.90-2.22 %

9 MUTHOOT FINANCE

179.60 176.10-1.95 %

10 BAJAJ AUTO LTD. 2337.40 2296.80-1.74 %

11 ASIAN PAINTS LTD.

881.80 867.25-1.65 %

12 PIDILITE INDUS. 605.55 596.95-1.42 %

13 FINOLEX CABLES 237.15 234.45-1.14 %

14 ARVIND LTD. 269.05 267.95-0.41 %

15 M&M 1218.60 1216.35 -0.18 %

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1 VEDANTA 70.90 87.40 +23.27 %

2 SBI 156.30 188.30 +20.47 %

3 HINDALCO INDUS. 66.40 79.30 +19.43 %

4 ICICI BANK 187.00 220.10 +17.70 %

5 TATA STEEL 247.90 287.85 +16.12 %

6 BHEL 93.45 107.50 +15.03 %

7 PNB 72.20 83.00 +14.96 %

8 ADANI PORTS 200.15 225.75 +12.79 %

9 TATA MOTORS LTD 306.30 344.15 +12.36 %

10 BANK OF BARODA 133.70 148.80 +11.29 %

11 INDUSIND BANK 821.90 914.00 +11.21 %

12 COAL INDIA LTD 295.25 327.10 +10.79 %

13 HDFC 1022.10 1129.10 +10.47 %

14 YES BANK LTD 690.65 759.20 +9.93 %

15 ITC LTD 287.60 315.20 +9.60 %

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.

Union Budget 2016-17 is well aligned with PM’s‘Make in India ’ and ‘Startup India

‘ campaign - We believe the Union Budget 2016-17 is well aligned with Prime

Minister’s ‘Make in India ’ and ‘Startup India ’ campaign. The budget focuses clearly on

growth, development, job creation and creating a better environment for doing business in

India. Besides a particular focus on startups by giving them exemption on their profits for

the first three years is a welcome move. The relaxation in capital gain tax for investment

in Funds of Funds and reducing the time frame to two years from three for availing long

term capital gain tax benefit in the unlisted space will further boost the investment in

startups. Also keeping the ‘Digital India ‘ momentum rolling during the budget,

introduction of electronic auction platform for the private placement market in corporate

bonds is a welcome move.

India Budget credit positive but uncertainties remain: Fitch - India's latest budget for

the 2017 fiscal year contains a number of elements that could be positive from a

sovereign rating perspective over the medium term, says Fitch Ratings. However,

uncertainties regarding implementation of the reform agenda and meeting targeted

revenue growth remain. Most notably, the budget for the fiscal year ending 31 March

2017. underscores the government's continued commitment to gradually broaden the

ambitious reform agenda. Further reforms, such as those pertaining to the financial sector,

agriculture and liberalisation of the FDI regime were announced in the latest budget,

indicating that the government retains its vision of how to structurally improve the

economy and create sustainable growth. Fitch maintains that improving the relatively

weak business environment through structural reforms that would support investment and

real GDP growth is a key factor that would be credit positive.

Sustained growth: India Feb Manufacturing PMI at 51.1 - The February

Manufacturing PMI At 51.1 , unchanged from January reading, the seasonally adjusted

Nikkei India Manufacturing Purchasing Managers Index–a composite single-figure

indicator of manufacturing performance–pointed to a second consecutive monthly

improvement in business conditions across the sector. Reflecting sustained growth of new

work, Indian manufacturers raised their production volumes in February. That said, the

rate of expansion eased since January and was marginal overall. Incoming new work

increased for the second straight month and at the quickest rate since last September.

According to survey members, underlying demand continued to improve. New business

from abroad also rose, although February saw a loss of growth momentum.

Manufacturing business conditions in India continued to improve.

Fiscal deficit of 3.5% is very credible step for the financial markets - The Union

Budget 2016, presented today by the Union Finance Minister Mr. Arun Jaitley is a

pragmatic and balanced act in the backdrop of global uncertainty. Maintaining a fiscal

deficit of 3.5% is a very credible step for the financial markets, robust outlays for

infrastructure, agriculture, rural and socio-economic schemes are also welcome moves,

however, one can argue that more could have been provided for recapitalization of banks

which are currently facing issues of mounting NPAs. Mr Jaitley once again relaxed the

FDI policy in several sectors, including insurance and pension and asset reconstruction

companies, to attract more overseas investments. The budget shows a lot of focus on rural

areas and Infrastructure - arguably two important growth drivers for the economy.

Fund allocation of Rs. 2.31 lakh crore to enhance infrastructure base - The Union

Budget 2016-17 is a step forward for the welfare of the people and growth in the country.

For the infrastructure development the government has announced fund allocation of at

Rs. 2.31 lakh crore that would aim to enhance the infrastructure base of the country.

Guideline for renegotiation of PPP contracts is a long standing demand from international

investors and will make the investment environment much more risk neutral. It is a big

step towards overseas funding comfort for PPP in infrastructure. 228% higher grants to

gram Panchayats & urban local bodies in accordance with FFC recommendations will

augment development process significantly in terms of providing basic facilities like

clean healthy water, sanitation, and other basic amenities leading to smart towns of future

. This budget restores balance in Rural Bharat and India Inc. The approach of the Finance

Minister is one of quantum jump rather than tinkering, which would accelerate the

development process and put the Indian economy on a sustainable growth trajectory,

while further expediting the “Make in India” programme and ‘Swaach Bharat Mission.

RBI may require tight monetary stance for longer: IMF - International Monetary

Fund reportedly said the central bank may require a “tight monetary stance for longer”.

IMF added that the monetary stance remains appropriately tight for achieving near-term

inflation objectives, says report. Favourable inflation dynamics gave the RBI room to cut

the policy rate, while maintaining positive real interest rates broadly consistent with the

‘glide path ’ towards the medium-term inflation target,” IMF said.

Sluggish economies and china troubles are key risk for Asia pacific Banks : S&P -

Sluggish economic growth in Asia-Pacific in 2016 is a key risk for banks in the region.

Moreover, high-impact stress from China, while a low-probability occurrence, could hurt

many Asia-Pacific banking systems through their direct and indirect exposures. That's

according to a report, titled "Even As China Risk Looms Large, Economic Sluggishness

Is A More Real Challenge For Asia-Pacific Banks In 2016," that Standard & Poor's

Ratings Services published.

Call drops: telcos to challenge Delhi HC order in SC - Telecom industry associations -

Cellular Operators Association of India and Association of Unified Service Providers of

India - will appeal the order in the Supreme Court, “The initial drafts are ready for

submission to the court,” a senior executive with one of the major telcos has been quoted

as saying. “The lawyers are giving them final look overs and deciding on the senior

lawyers that will represent them in the case.

TOP ECONOMY NEWS

The government hiked import tariff value on gold and silver to USD 399 per 10 grams

and USD 495 per kg, respectively, taking cues from global market.

Government said it has identified over 150 projects under its ambitious 'Sagarmala'

initiative that will mobilise more than Rs 4 trillion investment and create 100 million new

jobs.

India is engaging with EU to sort out regulatory issues and strengthen manufacturing

practices following the 28-nation block's ban on around 700 pharma products.

The Reserve Bank of India on Tuesday relaxed norms relating to the treatment of certain

balance-sheet items, including property, which will help banks unlock capital totaling

about INR 40,000 crore.

The government proposed to give income tax exemption to foreign companies for storing

and selling oil to local refiners, a move that could spur interest from global oil producers

in leasing the country's strategic petroleum reserve facilities.

Providing clarity on spectrum trading deals, Finance Minister Arun Jaitley said right to

use spectrum and its subsequent transfer is a service which will attract service tax.

The Minister of Civil Aviation P Ashok Gajapathi Raju has said that the Budget 2016-17

has paved the way for developing India as a Maintenance, Repair and Overhauling hub of

Asia. He said that the budget has made provisions for incentivising domestic value

addition to help Make in India. Under this, the following provisions have been made for

the MRO business in India.

Finance Minister Arun Jaitley announcement that the government is considering allowing

market prices for natural gas has not enthused the industry players. The FM said, "A

proposal is under consideration for new discoveries and areas which are yet to commence

production, first, to provide calibrated marketing freedom; and second, to do so at a pre-

determined ceiling price to be discovered on the principle of landed price of alternative

fuels."

Bullish on India, the International Monetary Fund has projected a robust growth rate of

7.3 per cent for the country this fiscal, picking up to 7.5 per cent next year.

The government will soon start work on about Rs 500 billion projects that include

overhauling of British-era bridges and construction of road overbridges and underpasses

at unmanned railway crossings, Union Minister Nitin Gadkari said.

Shaktikanta Das, the secretary for the Department of Economics, addressed the Economic

India Times regarding the new budget during an interview.

The National Human Rights Commission has sent notices to Union Ministries of Finance

and Health over reported imposition of excise duty on life-saving drugs making them

costlier. The Commission has taken suo motu cognizance of a media report that the

Centre has removed a custom duty waiver and also imposed excise duty on certain life

saving drugs making them costlier for patients.

Telecom operators moved the Supreme Court against telecom regulator Trai's regulation

for compensation for call drops. The hearing for the matter is expected to come up on

March 4th.

More than three hundred thousand jewellers are participating in the three-day pan-India

strike to protest against the proposed re-imposition of one percent excise duty on gold and

diamond jewellery.

Opposing the Budget proposal to permit 100% FDI in food processing segment, traders

body CAIT said the move would adversely impact farmers and will result into mass

unemployment.

Government plans to set up four new major ports at Tamil Nadu, Maharashtra, West

Bengal and Andhra Pradesh at an investment of Rs. 320 billion under PPP model.

The current Finance Minister Arun Jaitley seems to continue this trend by planning to

review the recently proposed scheme in his budget speech as per which 60% tax would be

levied on withdrawal from the Employees Provident Fund contributions.

To revive the financial sector in India currently plagued with stressed assets, FM Arun

Jaitley in Union Budget 2016-17 vowed for comprehensive bankruptcy code, which will

be enacted and brought in to deal with illicit deposit taking schemes.

TOP CORPORATE NEWS -

Gammon Infrastructure said it has completed the first tranche of stake sale in nine

projects on approval from National Highways Authority of India and lenders. The

infrastructure firm had announced to sell stakes in 9 projects valued at Rs67.5bn to

Brookfield and Core Infra India Fund; a deal that will fetch Rs5.63bn on completion as

well as reduce its debt considerably.

Tata Motors JLR India total sales grew by 54% year-on-year to 277 units compared to

179 units reported in the year-ago period.

Engineering major Larsen and Toubro said its construction arm has bagged orders

worth Rs22.13bn across various business verticals.

Infosys Ltd. announced that it will collaborate with Microsoft Corp., a global leader in

platform and productivity offerings, to deploy advanced analytics solutions to support

healthcare organizations in their digital transformation.

Aurobindo Pharma has received final approval from the US health regulator for generic

version of an intravenous antidote to a pain-killer drug overdose. An antidote is a

substance which can counteract a form of poisoning.

Defence PSU BEML has bagged an order worth Rs9bn for the supply of Metro Coaches

to Kolkata East-West Metro Line. A contract agreement was signed between Kolkata

Metro Rail Corporation and BEML at Kolkata, BEML said.

IDBI Bank Ltd has set an aggressive three-year target of doubling its business and

sharply reducing bad assets, the lender said, a day after the Indian government said it

would consider ceding control of the state-run bank through a share sale.

Pharma major Cadila Healthcare Ltd on Tuesday said it has received final approval

from the United States Food and Drug Administration to market anti-diabetic drugs called

Glyburide and Metformin Hcl tablets USP.(HBL)

The country largest car-maker Maruti Suzuki India today reported a marginal decline in

total sales in February at 1,17,451 units as against 1,18,551 units in the same month last

year.

Tata Motors increased prices of its passenger vehicles by up to Rs 35,000 with

immediate effect to offset the impact of infrastructure cess proposed in the Budget 2016-

17.

Mahindra & Mahindra Ltd has sold 44,002 vehicles in February, a 16 per cent rise

from the 38,030 units sold during the same month a year ago.

Piramal Enterprises has acquired US-based healthcare software firm Adaptive Software

for $24.5 million. The payment will be made in a staggered fashion, part of which will be

made only if the company achieves performance targets.

Adani Enterprises, the flagship firm of the Adani Group, has incorporated subsidiary

Korba Clean Coal Pvt Ltd for carrying on the business of coal washing.

Dr Reddy's Laboratories Limited had initiated a voluntary recall of Paricalcitol

capsules of different dosages in the US market in November last year owing to the reports

of breakage of capsules.

JustDial is set to launch a Rs. 1 billion marketing blitz. The company, which recently

launched a seller app, has tried to pivot away from its simple listing model. JustDial has

started transactions on its app and is in the final stages of introducing one-click payment -

like Amazon in the US - effectively entering the e-commerce race.

Dr Reddy's Laboratories is seeking approval from its shareholders for a share buyback

for an aggregate amount not exceeding Rs. 1,569.42 crore.

Tata Steel Ltd has received final environment clearance for its Rs18.8 billion expansion

project to be carried out at Jamshedpur Steel Works in Jharkhand.

State gas utility GAIL India Ltd has again postponed its US$ 7 billion tender for hiring

nine newly-built ships to ferry liquefied natural gas from the US, by one month.

Following the Budget proposal to levy infrastructure cess on automobiles, the country's

largest passenger car maker Maruti Suzuki India said the ex-showroom prices of its

models would go up in the range of Rs1,441 to Rs34,494 across its models.

Tata Power, rolled out its third Tata Power Skill Development Institute , a Centre for

Excellence for Power Plant Skills, at Maithon Power. The institute was inaugurated by

Ashok Sethi, COO and executive director, Tata Power.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Welcoming Reserve Bank of India easing of rules to allow lenders to bolster capital

ratios, Finance Minister Arun Jaitley today said the government will take all steps and

provide resources to keep public sector banks in good health.

A day after Finance Minister Arun Jaitley said the government may consider bringing

down its stake in state-run IDBI Bank to below 50 per cent, the lender today announced a

"transformational" plan entailing an investment of about Rs 20,000 crore over a three-

year period.

In a move that will reduce Rs 35,000 crore worth of capital requirement burden for public

sector banks, the Reserve Bank of India has revised norms allowing lenders to assign

higher values to hidden assets in their balance sheet.

Central Bank of India said its board has approved raising over Rs. 165 crore by issuing

additional equity shares to insurance giant LIC on preferential basis.

HDFC said it will raise Rs 2,000 crore via non-convertible debentures.

DCB Bank Limited announced that it has acquired an equity stake of 5.81 per cent for

Rs. 9.99 crore in its long standing business partner Annapurna Microfinance Pvt. Ltd.

All India Bank Employees Association representing the employees of public and private

sector banks, today criticised the government's move to privatise IDBI Bank stating

instead of recovering the bad loans.

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