TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : -The week ending 2nd Dec saw Nifty Open at 8088 and continue its buying

momentum from the previous week. Nifty 50 made new highs for consecutively four day’s from

Monday through Thursday. Indian benchmark Index Nifty opened gap down at 8165 on Friday. It

made a high of 8190 and saw a sharp selloff of 95 points to make a low of 8095 in the last hour of

Friday trading Session. The Nifty opened gap Up at 8088 on Monday. It made a high of 8141 and saw

a sharp selloff of 85 points to make a low of 8056 in the last hour of trading Session. Domestic capital

markets are under pressure in near term out of ongoing cash crunch. FIIs have been relentless sellers

in the Indian Equity markets with a total selling worth Rs. 20574 Crore since Nov 1st, the largest

selling spree for the year. Near term risks from cash crunch may tinker domestic demands well for

running and next quarter as already start reflecting through several macro or micro factors. The rally

may be primarily fuelled by short covering after gap up opening today following Positive Global cues

and hopes of extension of ECB stimulus beyond March’17 till March’18 without any tapering.

Reserve Bank of India stance of holding rate may have helped the domestic market quite significantly

today. Indian market was expecting at least 0.25% rate cut by RBI. Technically Nifty sustaining

below 8220-8155 zone, Nifty may further fall towards 8090-8040 & 7980-7900 area in the near term

and up side The Nifty has to sustain over 8285-8335 area for further rally towards 8385-8425 &

8485-8545 Zone. The Significance levels for Nifty is 8155-8090 is down side and 8285-8340 is Up

side.

BANK NIFTY : - The Bank Nifty opened in a flat note on Monday trading Session down by 2 points

at 18245. The decision of the RBI governor, Urjit Patel and Monetary Policy Committee not to

change the repo rate is welcomed, under the present circumstances when banks are flushed with

gigantic amount of deposits to the extent of 11.40 lakh crore. Reducing repo rate now were have been

counter- productive. The Reserve Bank of India to withdraw its guidelines with respect to maintaining

100% CRR on new deposits after demonetisation. The banks will have now access to these funds

without maintaining CRR of 100%. Bank Nifty has to sustain over 18700-18775 area for further rally

towards 18900-19050 & 19100-19300 zone. On the down side, Sustaining below 18600-18550 area,

Bank Nifty may further fall towards 18400-18350 & 18200-18100 zone for the day.

Monday, 12 December 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8355 8291 8259 8227 8163

WEEKLY R2 R1 PP S1 S2

8848 8414 8197 7980 7546

MONTHLY R2 R1 PP S1 S2

8848 8414 8197 7980 7546

BANK NIFTY

DAILY R2 R1 PP S1 S2

19418 18876 18605 18334 17792

WEEKLY R2 R1 PP S1 S2

20661 19187 18450 17713 16239

MONTHLY R2 R1 PP S1 S2

20681 19199 18458 17717 16235

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8199 8349 8390 8290

BANK NIFTY 18661 18962 18850 18326

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8311 8512 7826

BANK NIFTY 18939 20183 16124

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along

with Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or

Selling. Although the Uses of Bollinger Band differ from traders to traders Some buy when it

break the Lower Band from below side and some buy when it break Upper Band. We assume

that the Breaking the Middle Band Usually a down side is bear Signal as we can see on the

above given chart it is Trading Above its crucial Psychological Level it is around 8260. if it is

Sustaining 8240-8250 Level could lead the Nifty further Up side. Significance Support level of

8220-8180 And Significance Resistance for Nifty is 8290-8350.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band

along with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of Upper

or Lower Band. On the Above given chart of Bank Nifty it is trading around Middle Band if it is

not able Sustain the Support level of 18680. From this level we are Expecting the If the Bank

Nifty is able to Sustain the Level of 18700 may go Further Up side to the level of 18950-19180

Level for Next week. The Significance levels for Bank Nifty is 18840-19400 Up side and 18380-

18050 is Down Side.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1391 1384 1369 1362 1347

ADANI PORTS EQ 293 289 286 282 279

AMBUJACEM EQ 217 216 214 213 211

ASIAN PAINT EQ 961 950 943 932 925

AXISBANK EQ 466 461 453 448 440

BAJAJ-AUTO EQ 2811 2766 2741 2696 2671

BANKBARODA EQ 165 164 160 159 155

BPCL EQ 645 640 632 627 619

BHEL EQ 131 130 129 128 127

BHARTIARTL EQ 341 336 333 328 325

BOSCH LTD EQ 21169 20953 20727 20511 20285

BHARTI INFRATEL EQ 378 368 361 351 344

CIPLA EQ 591 585 581 575 571

COALINDIA EQ 316 311 308 303 300

CAIRN INDIA LTD EQ 269 266 264 261 259

DRREDDY EQ 3242 3215 3190 3163 3138

GAIL EQ 437 433 430 426 423

GRASIM EQ 906 891 884 869 862

HCLTECH EQ 819 810 797 788 775

HDFC EQ 1300 1283 1271 1254 1242

HDFCBANK EQ 1210 1203 1196 1189 1182

HEROMOTOCO EQ 3357 3316 3292 3251 3227

HINDALCO EQ 185 184 181 180 177

HINDUNILVR EQ 854 850 843 839 832

ICICIBANK EQ 273 271 266 264 259

ITC EQ 242 239 235 232 228

INDUSIND BANK EQ 1131 1121 1107 1097 1083

INFY EQ 1019 1002 992 975 965

IDEA CELLULAR EQ 78 78 76 76 74

KOTAKBANK EQ 756 749 746 739 736

LT EQ 1380 1372 1364 1356 1348

M&M EQ 1233 1211 1197 1175 1161

MRF EQ 54840 54070 52678 51908 50516

MARUTI SUZUKI EQ 5360 5297 5249 5186 5138

ONGC EQ 309 308 306 305 303

NTPC EQ 166 165 163 162 160

RCOM EQ 38 37 37 36 35

RELCAPITAL EQ 451 446 440 435 429

RELIANCE EQ 1037 1033 1026 1022 1015

RELINFRA EQ 505 499 491 485 477

RPOWER EQ 44 44 43 42 42

SBIN EQ 273 269 264 260 255

SSLT( VEDL) EQ 249 247 244 242 239

SUNPHARMA EQ 686 679 675 668 664

TATA MOTORSDVR EQ 312 308 305 301 298

TCS EQ 2241 2217 2195 2171 2149

TATAMOTORS EQ 472 468 464 460 456

TATAPOWER EQ 78 78 76 76 74

TATASTEEL EQ 438 434 431 427 424

UNIONBANK EQ 147 146 143 142 139

YES BANK LIMITED EQ 1238 1228 1216 1206 1194

ZEEL EQ 469 464 460 455 451

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE :BUY MRF FUTURE ABOVE 52000 TGT 53000.

NSE FUTURE :BUY RELIANCE FUTURE ABOVE 1035 TGT 1075 SL 1015.

NSE FUTURE :SELL LUPIN FUTURE BELOW 1490 TGT 1430 SL 1520.

NSE CASH

NSE CASH : BUY JUSTDIAL NSE CASH ABOVE 386 TGT 411 SL 376.

NSE CASH : BUY TATAMTRDVR NSE CASH ABOVE 310 TGT 335 SL 302.

NSE CASH : BUY INDIACEM NSE CASH ABOVE 118 TGT 127 SL 114.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 GLOBAL OFFSHO 115 94 -18.02 %

2 CROMPTON GREA76 63 -17.30 %

3 BHARTI INFR 385 358 -7.23 %

4 SUN PHARMA 720 673 -6.57 %

5 B F UTILITIES 427 406 -4.91 %

6 REPCO HOME FIN 589 561 -4.85 %

7 INDIABULLS HSG 736 702 -4.69 %

8 RELIGARE ENT 268 255 -4.62 %

9 P C JEWELLER 369 354 -4..15 %

10 IPCA LAB 565 544 -3.68 %

11 SHEMAROO ENT 398 384 -3.54 %

12 PNB HOUSING FIN 906 875 -3.39 %

13 FINOLEX INDUS 428 418 -2.39 %

14 JET AIRWAYS 377 369 -2.13 %

15 DCB BANK 109 107 -1.92 %

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1 HINDALCO 168 182+7.91 %

2ADANI PORTS 265 285 +7.43 %

3 TATA MOTORS 432 464+7.21 %

4YES BANK LTD. 1150 1219 +6.05 %

5 TATA STEEL LTD. 406 430+5.94 %

6AMBUJA CEMENT 205 216 +5.36 %

7 ONGC 291 306+5.34 %

8INDUSIND BANK 1056 1112 +5.33 %

9 SBIN 254 266+4.94 %

10TATA POWER CO. 73 77 +4.90 %

11 IDEA CELLULAR 73 76+4.56 %

12BHARTI AIRTEL 318 332 +4.21 %

13 ASIAN PAINTS 904 941+4.08 %

14ACC 1325 1379 +4.03 %

15 ZEEL 443 460+3.83 %

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Income Disclosure Scheme bags Rs 67,382 crore unaccounted money - The government on

Sunday revised upwards the amount of black money disclosed under Income Declaration Scheme to

Rs. 67,382 crore, even as it did not take into account two high-value disclosures. "After final

reconciliation, the revised figure of actual declarations received and taken on record was Rs. 67,382

crore which had been made by 71,726 declarants," the Finance Ministry said in a statement here on

IDS 2016. "On Oct 1, 2016, it was announced that declarations totalling Rs. 65,250 crore were

received from 64,275 declarants, subject to reconciliation," it said. The Income Tax Department did

not take into consideration the Rs. 13,860 crore declaration made by Ahemdabad-based Maheshkumar

Champaklal Shah, which was reported prominently, as well as another made from Mumbai. "Among

the declarations received, there were two sets of declarations of high value which were not taken on

record in the above figure because they were found to be suspicious in nature being filed by persons

of small means," the statement said.

India takes pride of place, crosses $ 300 billion FDI milestone - India crossed the $300 billion

foreign direct investment milestone between April 2000 and September 2016, firmly establishing its

credentials as a safe investment destination in the world. Thirty three per cent of the FDI came

through the Mauritius route, apparently because the investors wanted to take advantage of India's

double taxation avoidance treaty with the island nation. India received $ 101.76 billion from

Mauritius between April 2000 and September 2016. The cumulative FDI inflows during the period

amounted to $ 310.26 billion. The inflows in the first half of the current financial year was $ 21.62

billion, according to data compiled by the Department of Industrial Policy and Promotion. The other

big investors have been from Singapore, the US, UK and the Netherlands. Commenting on the $ 300

billion mark, industry bodies Ficci and CII have said that India is perceived as a safe and dynamic

destination by global investors. Ficci said that the liberalisation of the FDI policy framework, major

national development programmes such as Make in India, Digital India and Skill India, besides

increasing competitiveness, have made India the preferred choice for investors globally.

Gold imports to dictate size of current account deficit in H2 of FY2017: ICRA - ICRABSE 2.41

% expects India's current account deficit to be curtailed under US$20 billion in FY2017, lower than

the US$ 22 billion in FY2016. With the gold import bill in October-November 2016 estimated to be

nearly as high as the previous six months, the current account deficit in H2 FY2017 would

significantly exceed the level for H1 FY2017. Moreover, the demand for gold in the remainder of this

year would influence the size of the deficit in H2 FY2017. Principal Economist, ICRA Limited, said:

"If the recent amendments to the Income Tax Act dispel demand for holding of gold as well as

jewellery, the gold import volumes may decline significantly in the coming months. Assuming that the

volume of gold imports during December 2016-March 2017 reverts to the average of around 45

tonnes per month seen in April-November 2016, India’s current account deficit would be curtailed at

around US$ 15 billion in FY2017." However, if the volume of gold imports in the last four months of

FY2017 is elevated at an average of 70 tonnes per month, driven by continued wedding demand,

India's current account deficit could be as high as nearly US$ 20 billion in FY2017," she added.

Nikkei services index slumps to 46.7; biggest monthly fall since November 2008 - India’s services

sector contracted sharply in November as lack of cash following the shock demonetisation of Rs 500

and Rs. 1,000 notes disrupted demand, ending 16 months of expansion. The Nikkei India Services

Business Activity Index slumped to 46.7 in November from 54.5 in October, falling below the crucial

50 mark that separates expansion from contraction, providing the first evidence of economic

dislocation due to the currency switch. It’s the first time since June 2015 that the index has gone

below 50. But sentiment is buoyant — business confidence is at a three-month high — with the

survey’s respondents expecting a rebound once cash supplies stabilise and the government achieves

its aim of tackling black money. The latest set of gloomy PMI figures for the Indian service sector

shows that companies were heavily impacted by Rs. 500 and Rs. 1,000 notes ban,” said Pollyanna De

Lima, economist at Markit and author of the report.

RBI lowers growth forecast to 7.1% - The Reserve Bank today cut the economy's expansion

forecast for current fiscal to 7.1 per cent, from 7.6 per cent earlier, saying that short-term disruption in

economic activity and demand compression arising out of demonetisation have led to downside risks

to growth. It said that in the near term the risks could travel through "short-run disruptions in

economic activity" in cash- intensive sectors such as retail trade, hotels and restaurants and

transportation, and in the unorganised sector and aggregate demand compression associated with

adverse wealth effects. Incorporating the expected loss of growth momentum in Q3 and waning

effects in Q4 alongside the boost to consumption demand from higher agricultural output and the

implementation of the 7th CPC award, GVA growth for 2016-17 is revised down from 7.6 per cent to

7.1 per cent, with evenly balanced risks," the RBI said in the fifth bi-monthly Monetary Policy

Statement for the current fiscal.

✍ TOP ECONOMY NEWS

The Government has, on the recommendation of the Reserve Bank of India, decided to sharply up the

ceiling for issue of securities under the Market Stabilisation Scheme to Rs. 6 trillion from Rs. 300

billion.

The Central Electricity Regulatory Commission has proposed a hike in transmission charges by 1.35

times, which could hurt the growing market for spot or short-term transaction of power.

Net withdrawal by FPIs from equities stood at Rs. 182.44 billion last month while the same from the

debt market was Rs. 211.52 billion during the period under review, translating into the total outflow of

Rs. 393.96 billion or USD 5.78 billion.

The Nikkei/ Markit Manufacturing Purchase Managers Index fell to 52.3 in November from 54.4 in

October.

Aviation turbine fuel prices were cut by 3.7%, while subsidised LPG rate was hiked by Rs

2.07/cylinder, the seventh increase in cooking gas price in six months.

India Inc's borrowings from overseas markets fell by 30.3% from a year ago to USD 1.47 billion in

October 2016.

The Reserve Bank of India will cap banks' exposure to a single entity to 20% of a lender's capital

base and to 25% limit to a group of connected entities.

The drugs technical advisory board recently recommended one-time licensing for manufacture and

sales of drugs, with a rider that there be at least one annual inspection and in cases where risk is high,

more.

India Inc raised a whopping Rs. 486.95 billion in November through private placement of corporate

debt bonds, almost double from the year-ago period, for business expansion and propping up working

capital requirements.

The Reserve Bank of India cut the economy's expansion forecast for the current financial year to

7.1%, from 7.6% earlier, saying that short-term disruption in economic activity and demand

compression arising out of demonetisation have led to downside risks to growth.

The six-member monetary policy committee, headed by the Reserve Bank of India governor,

unanimously decided to keep the policy rate unchanged at 6.25%.

Government sought the approval of the Lok Sabha for gross additional expenditure of Rs599.78bn as

part of the second batch of supplementary demands for grants for the current financial year.

Almost 12 trillion demonetised Rs. 500 and Rs. 1000 notes have been deposited by the public since

the November 8 announcement.

The Government has scrapped the 10% import duty on wheat with immediate effect on the face of an

imminent shortage of the cereal this year.

Industry body Society of Indian Automobile Manufacturers said OEMs with production facilities

across India would cut down production cycles to manage inventories in wake of poor sales post-

demonetisation.

✍ TOP CORPORATE NEWS -

Dr. Reddy’s Laboratories Limited has launched Nystatin and Triamcinolone Acetonide Cream in

the United States market.

Alembic Pharmaceuticals Limited has received approval from the US health regulator for

Zolmitriptan orally disintegrating tablets, used for the treatment of migraine, in the American market.

State Bank of India said its saving accounts have swelled up by Rs1trn after demonetisation.

Cairn India Limited will invest Rs. 300 billion in the next three years to produce an additional

0.1mn barrels per day of oil and oil equivalent gas, primarily from its prolific Rajasthan fields.

Strides Shasun Limited has received Establishment Inspection Report from the US health regulator

on closure of inspection of its R&D centre in Chennai.

Adani Enterprises Limited reached a milestone in its bid to build a controversial USD16bn coal

project in northern Australia, winning approval for part of a rail link to service the planned mine.

ISS has asked minority shareholders to vote against Cyrus Mistry’s removal as director of Tata

Consultancy Services, saying that neither the company nor its majority owner Tata Sons had

provided compelling reasons for his removal.

Mangalore Refinery and Petrochemicals Limited is readying plans to invest Rs110bn to raise

refining capacity to 25 mt instead of the previously planned 21mt.

State Bank of India is believed to be in the final stages of divesting part of its stake in its life

insurance subsidiary.

Bharat Forge Limited has completed the acquisition of US-based Walker Forge Tennessee LLC and

PMT Holdings Inc, USA for USD 14 million around Rs. 950 million.

Prajay Engineers Syndicate Limited announced its plans to develop 15,000 affordable homes by the

year 2019 in Hyderabad and its surrounding locations where the company has developed a land bank.

Zydus Cadila said the patent Litigation relating to Allergan's Delzicol, used to treat ulcerative colitis,

has been settled.

GHCL Limited, one of the major suppliers of caustic soda and soda ash, wants to now be known as a

consumer products company too.

IL&FS Engineering and Construction Company Limited Services emerged as the lowest bidder

for rural electrification and integrated power development works worth Rs. 6.78 billion in West

Bengal.

Info Edge India Limited, has invested an additional Rs10mn in VCare Technologies, taking its total

stake in the company to 14.77%.

Mahindra & Mahindra Limited said its board has approved the demerger of Mahindra Two

Wheelers Ltd’s two-wheeler undertaking, which manufactures and sells two wheelers.

JM Financial Limited subsidiary has completed acquisition of 24.5% stake in India Home Loan on a

preferential allotment basis.

Sudan is holding up extension to Oil & Natural Gas Corporation Limited Videsh's licence over an

oil field as the government seeks higher royalties, tax and profit petroleum even as it delays paying

nearly USD 300 million in oil dues.

Advent International and KKR & Co have made offers to buy the industrial valves unit of Larsen

and Toubro Limited in a deal estimated at between USD 400 million and USD 500 million roughly

around Rs. 30 billion.

Cipla Limited plan of developing a pump-delivered inhalable form of insulin has suffered a setback

with an expert committee denying it permission to conduct trials on Indian patients. The panel has

said the company’s preliminary data on safety and efficacy of the trial drug is insufficient.

Petronet LNG Limited is set to foray into retail sales of liquefied natural gas through fuel outlets

across the country.

Lupin Limited has received tentative approval for its generic version of Diclofenac capsules, used in

pain management of osteoarthritis, from US health regulator USFDA.

Inox Wind Limited has bagged 50 MW wind power project order from SJVN Ltd in Gujarat.

Future Consumer Limited has entered into a pact with LT Foods Limited and Genoa Rice Mills

Private Ltd for sourcing, marketing and distribution of rice.

Suven Life Sciences Limited has been granted a patent in India for a drug used for the treatment of

neuro-degenerative diseases.

PVR Limited has partnered with South Korea’s CJ 4DPLEX to add another 10 4DX screens to its

network in major cities like Bengaluru and Mumbai.

Wonderla Holidays Limited has introduced two new high-thrill rides. The new rides – Equinox 360

& Flash Tower – will further boost Wonderla Kochi’s popularity, which has attracted more than 15

million visitor since inception.

The capacity of Coromandel International Limited fertiliser unit is being expanded from 700tpd to

a 1,000 tpd and the public hearing for the purpose is being held on the factory premises at

Sriharipuram.

A unit of Oil and Natural Gas Corp Limited is in early talks with Gazprom for supply of natural gas

through a complex swap involving Russia, China and Myanmar.

State Bank of Travancore said it will raise up to Rs6bn through issuance of Basel-III-compliant

additional tier-I bonds on private placement basis.

Sun Pharmaceuticals Industries Limited said the US health regulator has informed the company of

more concerns found at its Halol manufacturing plant after a recent inspection.

Ashoka Buildcon Limited, through its power division, has won rural electrification projects worth

Rs9.50bn in Bihar.

NTPC Limited has struck coal at its first coal mine.

Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corp

signed a pact to build India's biggest oil refinery at a cost of USD 30 billion on the west coast.

The government has initiated a probe into Reliance Industries Limited and Oil and Natural Gas

Corporation having knowledge as early as in 2003 of state-owned firm's natural gas flowing into

adjoining fields of RIL in KG Basin.

Hindustan Zinc Limited said it is foraying into solar energy business and will set up 115MW of

solar energy projects with an investment of Rs. 6.30 billion.

CERC has passed an order and granted relief measures to Tata Power in compensatory tariff case for

force majeure event.

Adani Transmission Limited executed the share purchase agreement with Reliance Infrastructure

Limited for 100% acquisition of the latter's Western Region System Strengthening Scheme's

transmission assets.

The US Food and Drug Administration has issued form 483 with five observations against Divi's

Laboratories' unit at Chippada Village in Visakhapatnam of Andhra Pradesh following an inspection,

which concluded on December 6.

Tata Steel Limited made a 10-year commitment to a GBP1bn investment plan as part of its crucial

talks with steelworkers’ unions to save thousands of jobs in the UK.

KKR and pension giant Canada Pension Plan Investment Board have emerged as the strongest

contender to take over Bharti Infratel Limited, after the two week long deadline for exclusive talks

with another Canadian financial powerhouse Brookfield Asset Management Inc. ended inconclusively

last Friday.

Oil and Natural Gas Corporation is seeking a 15-year extension of its licence to operate an oil

block in Sudan after the initial contract expired last month.

Cipla Limited has received final approval from the American health regulator to market Entecavir

tablets used for treatment of Hepatitis B infection.

Bharti Airtel Limited unveiled unlimited voice calls and more 4G data under a new plan, to take on

rival Reliance Jio that recently extended its free services.

Praj Industries Limited has signed agreements with Indian Oil Corporation and Bharat Petroleum

Corporation Ltd to set up three bio- ethanol plants in Gujarat, Haryana and Odisha.

Larsen & Toubro Limited continues with its annual hiring programme despite undertaking the

biggest corporate layoff recently.

Aimed at matching Rel Jio tariff rates, Idea Cellular Limited announced two schemes to provide free

calls to its pre-paid customer bundles with limited mobile internet service.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Banks are so busy trying to cope with the cash crunch caused by demonetisation that the critical task

of going after bad loans is falling by the wayside. Not only that, lenders are worried that the

concomitant slump in asset values means that collateral is depreciating, making things worse.

Earnings in December quarter could therefore look even worse than they’ve been in the past few

quarters, not due to a rise in defaults but because decisions are pending on debt restructuring and the

conversion of loans into equity. Balance sheets have suffered ever since the Reserve Bank of India last

year started pushing banks to recognise bad loans, provision for them and set their house in order.

Lenders have to decide on debt recasts to the tune of more than Rs. 1 lakh crore, including those of

Essar Steel, Bhushan Steel, ABG Shipyard and scores of others as officials struggle to meet

customers’ need for cash, said three people with knowledge of the matter.

The RBI today told the Delhi High Court that the cap on free-of-charge withdrawals from ATMs by

banking customers was a "policy decision" and the court should not interfere in it. The Reserve Bank

of India counsel also raised the issue of "maintainability" of the petition which has sought directions

to allow banking customers to make unlimited number of transactions free of any charges on their

own bank ATMs. "It is a policy decision. Why should the court interfere in it? They are challenging

the circular of the RBI. I am challenging the maintainability of this plea," the RBI counsel told a

bench of Chief Justice G Rohini and Justice Sangita Dhingra Sehgal.

Yes Bank Limited has partnered cab aggregator Ola to set up mobile ATMs across 30 locations in the

country that will allow people to withdraw up to Rs 2,000 per card. The Point of Sale enabled ATMs

will be stationed in Ola cabs from where customers of any bank can withdraw the amount, Yes Bank

said. The service will be available in over 30 locations across 10 cities including Mumbai, Delhi,

Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. "This

partnership is being done with an aim to ease the process of cash withdrawals for citizens across the

country and provide seamless service to the customers with additional mobile infrastructure powered

by Ola", said the bank in a release.

For the first time, the income-tax department will use big data analytical tools to go through personal

bank deposits to segregate black money holders from genuine tax-payers, two people in the know

have said. While the government has used big data analytical tools for corporate tax reporting in some

cases in the past, this is the first time that it will use analytics on such a large scale to sieve through

personal taxes. “It’s practically impossible for tax officials to go through all the data obtained from

banks and compare it with other tax-related data. Analytics is being used to look at discrepancies. This

would then be scrutinised by experienced tax officials,” a person close to the development said.

In a bid to speed up small value online transactions, the RBI today relaxed norms for additional factor

of authentication for payments up to Rs 2,000. Relaxing the norms for AFA requirement for

transactions up to Rs 2,000 for online card not present transactions, the RBI said only authorised card

networks will provide such payment authentication solutions with participation of card issuing and

acquiring banks. "The relaxation for AFA under such solutions shall be applicable for card not present

transactions for a maximum value of Rs. 2,000 per transaction across all merchant categories. Banks

and card networks are free to facilitate their customers to set lower per transaction limits," RBI said.

Two large commercial banks, Bank of India and Bank of Baroda have lowered lending rates by 5 to

20 basis points while country’s largest bank, State Bank of India has said that the bank will pass the

benefit of lower rates if RBI removes incremental cash reserve ratio- slice of deposits that banks that

does not earn any interest and is parked with RBI-imposed on banks.

While appreciating the Reserve Bank's move to withdraw the incremental 100 per cent cash reserve

ratio from the weekend, bankers were today disappointed by the decision to keep the key rates

unchanged. With enough liquidity in the system, lending and deposit rates are likely to fall further. In

the fifth bi-monthly monetary policy today, the RBI and the MPC unanimously left the repo rate

unchanged at 6.25 per cent, contrary to expectation of at least 25 bps reduction.

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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.