Market Overview–17 March

As expected in the morning, Nifty futures has shown bullish tendency all along with minor intraday corrections.

Nifty Futures closed 73 points above the last close with increased volumes, confirming the bullish trend. Long positions can be held with a stop loss of closing above 8693 levels. Banking, Auto and Metals led the rally today with IT lagging behind.

Top Gainers:

• Hindalco                              +5.48%
• SSLT                                      +4.31%
• CAIRN                                  +4.24%
• DRREDDY                             +3.59%
• INDUSINDBANK                +3.39%

Top Losers:

• JindalSteel                           -8.37%
• HCLTech                              -0.97%
• INFY                                     -0.96%
• TataPower                          -0.74%
• BhartiArtl                            -0.63%

Advance/Decline        –   38/12

Market seems to be in bullish trend for the week, caution needs to be exercised as global events await.

 

 

Trading Guide–17th March

The Noise of News and market ticks doesn’t add much value. Trade the lines, Not HEADLINES

NiftyFut closed at 8670 yesterday, just a couple of points lower than friday. Trading activity on monday shows us a minor rally is in place,

One can go long on Nifty above 8698, with a stop loss of 8640 and immediate support at 8663 levels. Caution needs to be exercised if trading options, as the activity indicates a lackluster week ahead. Nearest targets are 8780 – 8813 and probable resistance can be found at 8904.

Global Updates:

SGX Nifty – 8712 (+42).

DJI            –   17997.42 (+228.11)

Nikkei      –   19403.22 (+157.16)

Stocks to watch for

ITC, YESBANK, ICICIBank, AxisBank.

watch this space for more updates during the market.

FTIL opposes corporate ministry’s plea to remove company’s board

 

Mumbai: The board of Financial Technologies India Ltd (FTIL) has passed a resolution to oppose a petition by the ministry of corporate affairs (MCA) to the Company Law Board (CLB) that seeks to remove and supersede the board of the company.

In a notice to the exchanges on Monday morning, FTIL said that a resolution was passed on Sunday in which the board of directors said that the move is a “clear attempt by the MCA to render ineffective and, in fact, defeat FIL’s challenge and opposition to the proposed amalgamation of NSEL (National Spot Exchange Ltd) with FTIL.”

Budget Estimates and Tax Proposals

BUDGET ESTIMATES

Non-Plan expenditure estimates for the Financial Year are estimated at `13,12,200 crore.
Plan expenditure is estimated to be `4,65,277 crore, which is very near to the R.E. of 2014-15.
Total Expenditure has accordingly been estimated at `17,77,477 crore.
The requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately provided.
Gross Tax receipts are estimated to be `14,49,490 crore.
Devolution to the States is estimated to be `5,23,958.
Share of Central Government will be `9,19,842.
Non Tax Revenues for the next fiscal are estimated to be `2,21,733 crore.
Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.

TAX PROPOSAL

An overview of Budget 2015-16, Part 2

Good governance

– Need to cut subsidy leakages, not subsidies themselves. To achieve this, Government
committed to the process of rationalizing subsidies.
– Direct Transfer of Benefits to be extended further with a view to increase the number
of beneficiaries from 1 crore to 10.3 crore.

Agriculture

– Major steps take to address the two major factors critical to agricultural production,
that of soil and water.