TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - NIFTY - Benchmark Index Nifty closed strongly above its weekly breakout level of 8306 at 8400 on Friday trading session. Indian benchmark Index Nifty went into a consolidation zone as it traded between 8450 to 8380 in last two trading sessions. The range of the market is significant as the FII's are still sellers in the cash market having sold Rs. 3008 crore for the month of January, while the benchmark Index has gone up by 300 points. The benchmark index Nifty was stuck in a trading range with no major triggers moving the markets. The past few days have seen sideways movement and FII and Pro have been buyers in Index options for the January series which should support the markets at lower levels and this should support Nifty at 8350-8460. Markets are expected to remain in a range of 8450 on the upside and 8375 on the downside. Nifty holds 8400 in a narrow trading range over past five trading sessions. The benchmark Nifty saw profit booking from range high of 8460 to give back most of the gains to finally close flat at 8430, a gain of 17 points. The past five trading sessions have seen a range of 85 points which suggests that prices might give a breakout of the upper range or lower range of 8460 and 8375 respectively soon. The triggers could be the announcement of Trump policies and Pre or post budget rally. Nifty is trading range bound at 8450-8375, budget expectations to give either side breakout. A range bound trading session was witnessed Thursday where Nifty moved in a range of 45 points and as results of larger cap companies are coming out some volatility is expected to return on the markets. The past six trading sessions has seen a movement of 85 points which suggests that a big move either side is on the cards and with budget date on Feb 1 a pre budget rally can be expected. For any strength Nifty has to sustain over 8420-8460 area for further rally towards 8545-8585 in the short term. If the Nifty is sustaining below 8400-8350 zone, It may further fall towards 8310-8260 area in the near term.
BANK NIFTY : - The Banking Shares Index Bank Nifty opened in a flat note on Monday trading Session down by 13 points at 18899 level. Bank Nifty rallied 3.50% last week made high of 18966 and closed at 18912. All three high weighted banks State Bank of India, HDFC Bank and ICICI bank rallied 2.03%, 3.25% and 3.83% respectively. Banking stocks went into consolidation after sharp run up of 500 points. Banking Stocks were mildly positive after a positive opening with Bank Nifty made a high of 19200 before a pullback was witnessed. Tuesday was the first time in January, when the Bank Nifty Index corrected by more than 200 points from its recent highs. Banking stocks have been outperforming and the Bank Nifty Index after making a high of 19276 corrected by 150 points and this has been second consecutive day that Bank Nifty has corrected by 150 points or more suggesting some profit booking is on the cards. The Crucial levels for Bank Nifty is 19144-19567 is Up side and 18712-18380 is Down side.
Monday, 23 January 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
8594
8448
8375
8302
8156
R2
R1
PP
S1
S2
8714
8495
8387
8278
8060
R2
R1
PP
S1
S2
9292
8642
8317
7992
7342
R2
R1
PP
S1
S2
19576
19144
18928
18712
18280
R2
R1
PP
S1
S2
20264
19418
18995
18572
17726
R2
R1
PP
S1
S2
22978
20098
18658
17218
14338
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
8286
8272
8313
8269
BANK NIFTY
18596
18597
18642
18337
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
8304
7924
7963
BANK NIFTY
18563
17606
16569
PATTERN FORMATION ( NIFTY )
Detail of Chart -On the Above given Chart of Nifty We can see that Nifty index has been trading in the Range of 8200-8420 Range in Whole Week. . We also see that the index is building a Bearish Kind of’ Pattern. The Bullish Pattern had made in the levels of 8350 after which it created a high of 8400. If Trend is Followed, Nifty would trade in negative zone for next trading session and can touch the level of 8300. The Bollinger Band is Also giving Signal that if it is not Sustaining the Level of 8340 could drag the Nifty toward the 8300 level. The support for the Nifty is 8351-8325-8300 and the resistance to the up move is at 8460-8500-8535-8557 levels
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band along with MACD. Both are the Indicators trading in Negative Territory and it is clearly visible if the banking Index is not able to Sustain the level of 18850 can drag the index toward the 18700-18480 level in near term. From this level we are Expecting the If Bank Nifty is able to Sustain the Level of 18950 may go Further Up side to the level of 19120-19280 Level for Next week or sustaining below 18900 zone, Bank Nifty may further fall towards 18700-18550 & 18200-18120 area for next week trading Session. The support for Bank Nifty is at 18825-18734 and the resistance to the up move is at 19185-19280-19330-19435 levels
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ADANI PORTS
EQ EQ
1376 300
1354 293
1342 288
1320 281
1308 276
AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
222 990 466 2740 162 681 133 329 21482 359 597 310 273 2958 476 889 860 1251 1253 3146 178 880 272 258 1245 956 68 738 1466 1226 53026 5791 205 175 32 471 1042 526 46 264 248 649 338 2319 532 81 473 143 1389 483
220 979 458 2723 158 672 132 325 21255 357 589 307 267 2944 469 878 852 1242 1243 3095 176 870 268 256 1235 953 69 732 1440 1216 52353 5726 201 173 32 461 1034 516 45 257 243 645 333 2304 528 79 464 139 1375 476
218 967 453 2702 157 667 131 321 21123 355 583 304 264 2936 461 870 846 1236 1233 3070 174 862 264 255 1225 949 70 726 1427 1206 51877 5684 198 171 31 455 1029 509 44 254 240 642 329 2284 524 78 458 137 1363 470
216 956 445 2685 153 658 130 314 20896 352 575 301 258 2928 455 864 838 1227 1223 3019 172 852 260 253 1215 946 71 720 1401 1196 51204 5619 194 169 31 445 1021 499 43 247 235 638 281 216 956 445 2685 153 658 130
214 944 440 2664 152 653 129 307 20764 349 569 298 255 2921 448 852 830 1221 1213 2994 170 844 256 252 1205 942 72 712 1388 1186 50728 5577 191 167 30 439 1016 492 42 244 232 635 276 214 944 440 2664 152 653 129
TOP 15 ACHIEVERS SR.NO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SCRIPT NAME
PREV CLOSE
// CMP
ULTRATECH CEM
3319
3471
HUL
827
860
IDEA CELLULAR
68.80
71.50
ASIAN PAINTS
933
967
YES BANK LTD.
1318
1358
ITC LIMITED
249
255
AMBUJA CEMENT
213
217
GRASIM INDUS
846
863
TATA STEEL
446
454
GAIL (INDIA) LTD.
452
460
TATA MOTORS
514
523
TCS
2249
2285
POWERGRID
197
199
BHARAT PETRO
657
664
INDUSIND BANK
1215
1220
% CHANGE
+ 4.58 % + 3.93 % + 3.92 % + 3.64 % + 3.08 % + 2.30 % + 2.09 % + 2.04 % + 1.83 % + 1.74 % + 1.62 % + 1.60 % + 1.14 % + 1.08 % + 0.38 %
TOP 15 LOOSERS SR.NO
SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
1
RELIANCE INDS.
1090
1025
- 5.92 %
2
AXIS BANK LTD.
472
450
- 4.66 %
3
TECH MAHINDRA 488
468
- 4.06 %
4
COAL INDIA LTD. 315
303
- 3.59 %
5
ADANI PORTS
294
284
- 3.37 %
6
INFOSYS
975
948
- 2.78 %
7
TATA POWER CO. 79
77
- 2.21 %
8
ZEEL
477
467
-2.18 %
9
BANK OF BARODA 157
154
- 2.16 %
10
M&M
1217
1192
-2.12 %
11
LUPIN LTD.
1496
1465
- 2.07 %
12
ONGC
201
197
- 1.99 %
13
SUN PHARMA
653
641
- 1.75 %
14
ICICI BANK
268
263
- 1.72 %
15
L&T
1438
1414
- 1.67 %
4 3 2 2 2 1 1
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS ) NSE FUTURE NSE FUTURE : BUY HAVLLES FUTURE ABOVE 402 TGT 412 SL 397 NSE FUTURE :BUY CESC FUTURE ABOVE 707 TGT 720 SL 700 NSE FUTURE :SELL TORNTPHARMA FUTURE BELOW 1300 TGT 1250 SL 1325
NSE CASH NSE CASH : BUY ABAN CASH ABOVE 260 TGT 280 SL 250. NSE CASH : BUY RBL BANK CASH ABOVE 385 TGT 405SL 375. NSE CASH : BUY RUCHISOYA CASH ABOVE 28 TGT 33 SL 25 .
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK High tax revenues reflect mop-up from income disclosure scheme: SBI - Stating that the official estimate of a 7.8 per cent economic growth in the last quarter of this fiscal was unrealistic, an analysis by a State Bank of India think tank says the spurt in tax revenues also reflect collections from income disclosure scheme. Commenting on the advance GDP estimates of Central Statistics Office and tax mop-up numbers of the Finance Ministry, SBI Ecowrap says 7.1 per cent growth estimated by the CSO translates into 6.1 per cent and 7.8 per cent growth respectively, in third and fourth quarters of this fiscal. "This means that the impact of demonetisation has been possibly somehow reflected in the third quarter data, but the 7.8 per cent growth in the fourth quarter is quite unrealistic," says the publication, anchored by the SBI Group's Chief Economic Advisor Soumya Kanto Ghosh. The think tank also said that it has never happened in the past that GDP jumped by 1.7 percentage points between two successive quarters. It only happened in the first and second quarters of fiscal year 2012-13, but due to a change in base year. "These are the dangers of projecting GDP data on past data." India's cash crunch seen biting into economic growth - India's economy lost momentum in the final three months of 2016 after Prime Minister Narendra Modi's ban on high-value notes hurt consumption and businesses but it is set to pick up this quarter, Having posted growth of above 7 per cent for six consecutive quarters, India's gross domestic product is expected to have expanded just 6.5 per cent in the October-December quarter - the weakest in nearly three years. The poll also suggested growth would remain below 7 per cent in the first quarter of 2017, at 6.9 per cent. India's GDP for the fiscal year to March 2017 is expected to grow 6.9 per cent, according to the poll of over 20 economists. That is higher than the International Monetary Fund's estimate of 6.6 per cent. "If the demonetisation exercise has led to some permanent supply-side disruptions, growth could be weaker for longer," said HSBC, in a note. Budget 2017: Government may accord infrastructure status to low-cost housing - The government may tweak the definition of the infrastructure sector in the upcoming budget to include low-cost or affordable housing, a move that would reduce costs for developers and attract investors, two people with the knowledge of the matter told ET. The change is being proposed about a month after Prime Minister Narendra Modi announced concessions on interest rates for low-cost housing loans under the Pradhan Mantri Aawas Yojana. "If we want housing for all by 2020, Re-categorising affordable housing as infrastructure is essential. The government had sought feedback about this about a week ago," a person familiar with the development said. "I see this happening in the upcoming budget.
$ 11-billion FPI outflow was due to demonetisation: SEBI - Securities and Exchange Board of India chairman U.K. Sinha on Tuesday said the outflow of $ 11 billion of foreign portfolio investment in the October-December quarter is being analysed to assess the extent of impact 'demonetisation' has had on the outflows. “It is being analysed and will take three to four months time," he said while addressing a seminar on ‘Developing the Indian Capital Markets – Sebi’s Role, Issues and Challenges’ in Kolkata organised by the Bharat Chamber of Commerce. He further added that there were a few other global developments, including the US presidential election results and a hike in Fed rates, which coincided with India’s decision to demonetise Rs 500 and Rs 1,000 currency notes. Quoting data from the International Monetary Fund, Sinha said demonetisation is likely to have a short-term effect on the economy. "Although the international organisation has scaled down its growth projection by 100 basis points to 6.6 % for the current fiscal, growth for 2017 is pegged at 7.2 % and the projection for the year is intact at 7.7 %. If these projections are anything to go by, country will see GDP growing steadily. Hence, the impact of demonetisation will be short-term,” he added.. Indian economy projected to grow by 7.7% in FY 2017: UN report - India is projected to grow by 7.7 per cent in fiscal 2017, remaining the fastest growing large developing economy, as it benefits from strong private consumption and gradual introduction of significant domestic reforms, a United Nations report said. The United Nations World Economic Situation and Prospects 2017 report launched today said India's economy is projected to grow by 7.7 per cent in fiscal year 2017 and 7.6 per cent in 2018, benefiting from strong private consumption. It however cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term. China's growth on the other hand is projected to remain stable at 6.5 per cent for fiscal years 2017 and 2018, supported by favourable domestic demand and accommodative fiscal measures, including off-budget fiscal support through policy banks and public-private partnerships. However the implications of China's ongoing economic rebalancing will inevitably be felt by the region in the medium and long-run through trade (including commodity prices) and financial channels, albeit to a varied extent across countries, the report added 10 % cost reduction can add $ 5.5 billion to India's trade revenues - Even as the real growth in global trade would not move far from 1-2% and outlook for 2017 remains weak, a 10% cost reduction in logistics and high-growth trade sectors can generate additional revenues of up to $5.5 billion and boost exports by 5-8%, according to international container shipping company Maersk. “The outlook for global trade in 2017 remains weak. Real growth is expected between 1% and 2%. However, India has the opportunity to improve its share of global trade, especially in exports, through increased competitiveness and be probably the only country to deliver nearly double-digit growth in container trade this year,” Franck Dedenis, managing director – India, Bangladesh & Sri Lanka Cluster, Maersk, said. The Danish company is the largest container ship operator in the world.
The insights were contained in “Stimulating India’s EXIM Growth,” a study conducted by Confederation of Indian Industry and Maersk. Corporate loan repayment rises 11.5% in April-September 2016: SBI report - Corporates have lowered their loan exposure as repayments rose by 11.5% in the first half of FY’17 ( April-September 2016) A study undertaken by the State Bank of India research team shows that from a list of more than 4000 entities, over 1076 entities reduced lowered their loans in the first half of FY’17 by about Rs. 95000 crore or 11.5% over the same period of FY’16. The study notes that these firms have seen the positive impact of lower interest cost percolating down to the bottom-line, though the topline has not grown in the period. Despite, reduction in net sales by 6.48% for the period during the first of FY’17 vis–a-vis first half of FY’16, profit before interest, depreciation and tax (PBIT) increased by 22% and profit after tax or PAT by 68.5% during the same period.
✍ TOP ECONOMY NEWS
The wholesale price index for December 2016 came in at 3.39%, higher than 3.15% in the previous month.
Food inflation has turned negative for the first time since August 2015 at (-) 0.7% in December 2016 as against 1.54 % in the previous month.
The International Monetary Fund has cut India’s economic growth rate forecast by one percentage point to 6.6% for 2016-17 — from its earlier estimate of 7.6% — because of the effect of demonetisation on consumption and payments.
In a significant breakthrough, the GST Council broke a deadlock on contentious issues of administration over assesses, the right of coastal states to tax economic activities within 12 nautical miles inside sea and broadly agreed to roll out the goods and services tax from July one, 2017 instead of earlier planned April one.
Merchandise exports grew 5.72% year-on-year to USD 23.88 billion last month, while imports rose 0.46% year-on-year to USD 34.25 billion.
India's trade deficit narrowed to USD 10.37 billion in December from provisional USD 13 billion a month ago.
The Securities and Exchange Board of India announced reduction of 25% in the fee payable by
brokers and also decided to amend regulations to enable the market participants to make payments to the regulator through digital mode.
India’s foreign exchange reserves declined by USD 1.142 billion in the week ended January 7 to USD 359.2 billion. In the preceding week, the reserves had increased by USD 625.5 million.
The government is considering a proposal to increase foreign direct investment limit in print media sector to 49 % from 26 % at present.
India has imposed anti-dumping duties on colour-coated or pre-painted flat products of alloy or Non-alloy steel imported into the country.
✍ TOP CORPORATE NEWS -
Reliance Industries Limited has written down Rs. 395.70 billion in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.
Idea Cellular Limited has filed a plea against the telecom regulator with the Telecom Disputes Settlement Appellate Tribunal and sought quashing of Reliance Jio Infocomm’s Happy New Year offer, mirroring market leader Bharti Airtel’s complaint filed late last year.
Havells India Limited is looking at mid-sized acquisition focussing on emerging markets even as it plans to expand its domestic presence by foraying into the personal grooming space. Patanjali have come to the rescue of Ruchi Soya Industries Limited. Patanjali will start branding and marketing the edible oil produced by Ruchi Soya across its 13 facilities, which will ensure guaranteed sales to Ruchi Soya as well as cut its distribution and marketing costs. In a major relief to banks, the Debt Recovery Tribunal's Bengaluru Bench allowed recovery proceedings against Kingfisher Airlines Ltd and its promoter Vijay Mallya and directed them to repay around Rs62bn to the consortium banks led by State Bank of India. Infrastructure Leasing and Financial Services is in advanced talks to merge its wind energy assets with Orient Green Power.
Aion Capital Partners a joint venture between Apollo Global Management and ICICI Venture is planning to throw a lifeline at the troubled steel maker Uttam Galva.
Swan Energy’s announcement of Tata Realty and Infrastructure showing interest in its liquefied natural gas terminal took bankers and consultants by surprise. FIPB approved six investment proposals, including that of Sanofi Synthelabo India, Star Den Media Services and Idea Cellular Infrastructure Services, envisaging foreign investments of Rs11.86bn.
Adani Ports and Special Economic Zone Limited has figured among the 12 companies in Asia that are facing challenges in retaining investment grade ratings.
Panacea Biotec Limited has inked a pact with UNICEF for the supply of Pentavalent Vaccine (Easyfive-TT) in the current year. Warburg Pincus has acquired about 14% stake through its affiliates in the leading multiplex chain PVR Cinemas for about Rs8.20bn. After exiting the Light Commercial Vehicle joint venture it had with Nissan in September last year, Ashok Leyland launched a newly modified LCV, 'Partner', and an Intermediate Commercial vehicle, 'Guru'.
Zydus Cadila has received approval from the US health regulator to market methotrexate tablets, a chemotherapy drug, in the American market.
Reliance Industries and Russian petrochemical giant Sibur have signed an agreement to set up South Asia's first butyl rubber halogenation unit at Jamnagar in Gujarat.
Cipla Limited said its subsidiary Goldencross Pharma has entered into a pact to sell its entire stake in Four M Propack to Shriji Polymers for a consideration of up to Rs. 192 million.
Indiabulls Real Estate said that its subsidiary firm has received Rs. 7.01 billion refund from the Delhi Development Authority following a judgement from the Supreme Court of India.
Zee Entertainment Enterprises Limited has signed a deal for four television series with the international content distributor, Eccho Rights.
The Cabinet approved the listing of public sector general insurance companies through a combination of fresh issuance of shares or Offer for Sale.
The Cabinet approved the introduction of a Bill to repeal redundant and obsolete Central acts besides several other MoUs with countries including United Arab Emirates.
Reliance Industries was confident that the Union government’s penalty on producing natural gas from ONGC’s share of natural gas in the Krishna-Godavari basin is “not sustainable”. A fresh round of war of words broke out between Reliance Jio and Bharti Airtel Limited, with the former alleging that its service continues to face congestion issues with some of the large operators, including Airtel, not providing adequate points of interconnection - a charge the incumbent operator refuted.
Pokarna Limited Engineered Stone , the wholly owned subsidiary of Pokarna Limited, has secured exclusive rights to use Bretonstone technology in India through March 2020.
Crompton Greaves Limited has bagged a USD 105 million or Rs. 7.15 billion order from Indonesia’s state-owned electricity firm PT PLN to make and install power transformers. Pristine Group of companies has bought out the container train operating licence of Reliance Infrastructure. Pristine now gets the licence to operate container trains for the remaining 13 years of the 20-year period.
Cadila Healthcare Limited has settled all outstanding patent litigation related to Livalo tablets with Kowa Co., Kowa Pharmaceuticals America Inc and Nissan Chemical Industries Limited. A committee under the Ministry of Environment, Forests and Climate Change has given a green signal to Cairn India Limited for undertaking drilling works of 64 exploratory and appraisal wells in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of AP. NTPC Limited expects to cut losses from Chhabra power station that it acquired last week to
one-fifth by saving on interest outgo and raising operational efficiency. The company is on the lookout for more state-run stressed assets for buyouts. ICICI Prudential Life Insurance has acquired 8.41% stake in financial technology services provider Fino Paytech Limited for a total consideration of Rs. 1 billion. The government is seeking a dividend of up to USD 2.2 billion from partly state-owned Hindustan Zinc Limited . Vedanta Limited Resources and Jain Irrigation Systems Limited are raising foreign funds by selling dollar bonds to overseas investors.
Reliance Industries is planning to invest a sum of Rs. 300 billion into Reliance Jio Infocomm to further its development and improve its signal strength.
SPML Infra Limited has bagged new orders worth Rs8bn for various projects including developing power substations.
BHEL has commissioned another 500MW unit of Sagardighi Thermal Power Station Phase II in West Bengal.
Muthoot Finance plans to raise up to Rs. 14 billion through a public issue of NCDs, the subscription for which opens tomorrow.
Suzlon Energy said it had achieved 10,000 MW of wind power capacity installations in India. Gamesa, it is learnt, sold over 1,500 MW of turbines in calendar year 2016. Justdial Limited has proposed to demerge some businesses of Just Dial Global and absorb them.
Lupin Limited has launched its generic version of morphine sulfate ER tablets used for the management of severe pain in the US market.
Hero MotoCorp Limited forayed into the Argentinian market with the global launch of its 125 CC bike ‘New Glamour’ as part of its aggressive global expansion plans.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK The government, which is infusing Rs. 18.94 billion capital into State Bank of India, has asked the country's largest lender to take necessary regulatory approvals for the fund infusion.
Hit by demonetisation and mounting bad loans, some public sector banks may skip paying dividend which will have implications for government receipts in the current fiscal. Some PSU bankers have already indicated to the Finance Ministry that it may not be possible for them to pay dividend as their profits are likely to remain subdued due to lower credit offtake and rising NPAs, sources said. Credit growth of United Bank of India at the end of FY 2016-17 will be as low as 7-8 per cent due to demonetisation impact, its MD & CEO P Bajaj said. "Due to demonetisation, banks are flush with funds. But, there are avenues to advance credit. So, credit growth will be seven to eight per cent at the end of fiscal 2017," he said.
Private sector Lakshmi Vilas Bank has witnessed about Rs. 450 crore worth of 'stressed' loans getting prepaid during the demonetisation drive announced by the Centre in November, according to a top bank official. Analysts scratching their heads over the impact on India's banks of the country's move to ban high-value notes have every right to be puzzled, as estimates offered by the chairman of State Bank of India indicate. The bank could retain anything from 15 per cent to 40 per cent of the deposit boost it received after the government withdrew about four-fifths of the banknotes in circulation in November.
LEGAL DISCLAIMER This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities. All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices. Any investment in commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer. DISCLOSURE High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is associated in any manner with any issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market.
Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of the company. Disclosure Appendix: The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Disclosure in terms of Conflict of Interest: (a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial interest; (b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of the subject company, (c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at the time of public appearance; Disclosure in terms of Compensation: High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd.
Disclosure in terms of Public Appearance: (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report. (c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; (d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.