BSE TO LAUNCH DAILY INCENTIVE SCHEME

Leading bourse BSE will introduce a new incentive scheme for brokers to attract more retail investors to equity derivatives, under which it would pay daily incentives besides existing trading-based payouts. The new daily scheme, under which payouts to brokers for bringing in more retail investors would be linked to open interest volumes in a day, would become effective from September 26, the BSE said in a notice. Earlier, this scheme was scheduled to begin from September 8. Besides, the exchange would also revise its trading-based retail incentive scheme with effect from October 1. This revision was also earlier scheduled to take effect from September 8.
Under the daily incentive scheme, the exchange will pay investors Rs 10 per lot up to a limit of 10 lots per Unique Client Code (UCC) per day, out of its daily pool of Rs 1 lakh.
The scheme is applicable for S&P BSE Sensex Futures & Options contracts, in the near and current month contracts, it noted.
It will also apply to stock futures in the current month.
The existing retail incentive payout based on trading volumes would also undergo some changes from October, wherein changes are being made in the applicable slabs. Under this scheme, brokers' incentive payout depends on number of unique client codes trading on the BSE through them in a given month.
As of now, there are no incentive for up to 99 UCCs in a month. Following the revision, Rs 200 would be paid for 1-100 UCCs in a month. The maximum payout would remain unchanged at Rs 7.5 lakh for 7,501 and above number of UCCs in a month.
"The incentives shall be paid from pool of Rs 20 lakh and if total UCC incentive amount crosses the pool of Rs 20 lakh then incentives shall be paid on pro-rata basis," the notice noted.

Rs. 100/- 1000/- COUNTERFEITS ON RISE

Currency counterfeiters appear to have started focusing more on the Rs 100 and Rs 1,000 denominations, even though the traditional favourite Rs 500 bills continue to be the most to be faked by numbers, the Reserve Bank has said. The banking system detected over 2.52 lakh pieces of counterfeit notes of Rs 500 denomination in FY14 as against the 2.81 lakh the year before, while the number of Rs 1,000 denomination fake notes rose to 1.10 lakh as against the 98,459 in the preceding year, it said. Detection of Rs 100 denomination fake notes increased by 10,000 pieces during the fiscal to 1.18 lakh pieces, the RBI said in its recently released annual report. "During 2013-14, the detection of counterfeit notes of Rs 1,000 and Rs 100 increased by 11.8 per cent and 9.8 percent respectively, whereas that of Rs 500 denomination decreased by 10.3 per cent," the central bank said in its annual report. The data, however, exclude the detection by the state police and various other law enforcement agencies, it said. The share of the banks in detecting fake currency has been steadily climbing as 95.9 per cent of the total detections were done by the banks, it said, adding that only 4.1 percent of the detections were by the RBI. "To instill confidence of the public in banknotes in circulation and with a view to controlling and mitigating the risk of financial loss as also loss of reputation, banks have been advised to re-align their cash management in such a manner so as to ensure that cash receipts in denominations of Rs 100 and above are not put into re-circulation without the bank notes being machine processed for authenticity," the regulator said. Meanwhile, the RBI has said there has been a sizable jump in the expenditure on security, printing and distribution of the currency notes between July 2013 and June 2014, as against the year-ago period. During FY14, the central bank spent Rs 32.1 billion on the account as against the Rs 28.7 billion in the previous fiscal. "With a view to obviating the need for making repeated logistical and security arrangements for transportation of bank notes, thereby reducing the costs, as also for ensuring speedy movement of treasure, a scheme of direct remittance of bank notes from note printing presses to currency chests is being progressively pursued," it said.

HOUSEHOLD SAVNGS DIP IN LAST 9 YEARS

Household financial savings rates continued to remain low, inching up a paltry 10 basis points to 7.2 per cent of GDP in 2013-14 amid sticky inflation. Savings in deposits by the households rose, however, to Rs 1 trillion (17 per cent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13. They constituted about 59 per cent of the gross financial savings, of which about 53 per cent constituted bank deposits. Savings in shares and debentures dropped 22 per cent to Rs 33,700 crore in FY14, from Rs 43,000 in the previous fiscal, according to a RBI report. Savings by individuals in MFs (through shares and debentures) saw a 40 per cent drop to Rs 21,000 crore in the reporting year from Rs 35,000 crore, while savings in currency declined 9 per cent to Rs 1.02 trillion from Rs 1.12 trillion. Net financial savings of households, which is the gross financial saving minus financial liabilities, rose 13 per cent to Rs 8.19 trillion from Rs 7.22 trillion in 2012-13. The RBI report said: "The gross domestic savings rate as per central statistics office's (CSO) estimates declined to 30.1 per cent in FY13 from 31.3 per cent in FY12, mainly on account of a decline in the rate of household physical savings. "The savings rate dipped to the lowest in the past nine years and has accentuated the macroeconomic imbalances. The household savings rate have generally hovered around 23 per cent since FY04." However, looking ahead, the RBI expressed the hope that the measures announced in the Budget 2015 will help improve both investment and savings. The Budget has raised the personal income tax limit to Rs 2.5 lakh, which will increase disposable income and lead to a rise in investment limit under section 80C of the Income-Tax Act. It also raised annual ceiling limit in PPF to Rs 1.5 lakh, which will also encourage savings and improve financing of investment, the RBI said. The proposal to increase the deduction limit on account of interest on loan with respect to self-occupied house property is also expected to increase households' physical savings. The RBI has complemented these steps by providing incentives to infrastructure and affordable housing.

The RBI report showed that the net household savings rose to Rs 20,037 billion in FY12, from Rs 18,329 billion in FY11, while gross financial savings of household sector rose to Rs 10,969 billion in FY13, from Rs 9,656 billion in FY12. It said the physical assets saw a rise from Rs 10,246 billion in FY11 to Rs 12,842 billion in FY12. However, the financial assets saw a dip of Rs 888 billion during the reporting period, but gross domestic capital formation for households sector rose to Rs 31,415 billion in FY13 from Rs 8,716 billion in FY12. Household sector increased their investments in deposits in FY13 compared to FY12, to Rs 6,170 billion from Rs 5,490 billion. Although household savings in commercial banks rose, savings with non-banking finance companies saw a marginal decline, it said, adding that savings in currency and mutual funds declined. The report notes that following a one-off sharp rise to 25.2 per cent in FY10, the household savings rate declined to 21.9 per cent in FY13. "This decline was led by a reduction in the household financial savings that dipped sharply from 12 per cent in FY10 to 7.1 per cent in FY13," the report added. The rate of gross capital formation which indicates investment rate, on the other hand declined for the second consecutive year to 34.8 percent from to 35.5 percent in FY12 and 36.5 percent in FY11. The sectoral composition of fixed investment shows that private corporates accounted for most of the reduction in the overall investment rate in recent years particularly due to low investments in machinery and equipment. On the other hand, fixed investments of the public and household sectors, concentrated in the construction sector, remained somewhat less volatile.

WEEKLY ASTRO GUIDE FOR NIFTY

SUBDUED MIDWEEK…

Planetary Position ::  During the current week Moon would be transiting  from Visakha  in Libra to Poorvashadha  in Sagittarius.

- Sun transits in Pubba in Leo .

- Mercury transits  in    Uttara and Hasta  constellations  in   Virgo.

- Venus transits in Makha in Leo.

- Mars  transits in  Visakha   constellation in Libra and Scorpio .  

 - Saturn transits in Visakha constellation in Libra  .  

- Jupiter transits in Pushyami in Cancer ..

 Uranus trine Jupiter will take place in the last week of September which is a Bullish sign and any correction before that time could be an opportunity to Buy.

 

NIFTY::(7954(+41)   Strong Resistance for Nifty at 8075

Nifty gained about 0.50% during the Third week of gain and is close to the magic figure of 8000 mark. After it crossed 7000 mark on 12^th May, it did not go below 7000 and is all set to touch 8000 in the current week (within a span of 100+ days). Nifty crossed 6000(in the recent spell on 17^th February and did not  go below 6000 mark and crossed 7000 on 12^th May within 4 months. Looking at this phenomenon, after crossing 8000, whether it will not go below 8000??? and cross 9000mark with in another 4 months.. Only time will tell !!!

Nifty has been trading in a narrow range for the last 10 trading sessions with bullish bias and appears due for  wide range days this week. With GDP showing an uptrend, macro fundamentals  are showing signs of improvement economy can be expected to be rerated sooner than later.  

However, a mild correction / retracement can be expected for the last Three weeks’ rise before another round of uptrend.

For September month, breakout level for Nifty is 8075 and it is to be seen whether it would be crossed this week or it would take time to cross it. Hence, caution at high levels (particularly between 8050 and 8100) is receommended. Further, Nifty has been scaling new high based on certain scrips but several midcap scrips which had run up ahead of fundamentals have taken a severe beating in the recent past. Hence, stock / scrip specific approach is the need of the hour .

Macro  economic indicators have turned positive in view of the falling

crude oil prices as Diesel subsidy is nearly phased out.   If inflation too eases leading to reduction of interest rates, economic revival would kick in leading to earnings growth and higher PE too. With a proactive and committed Government at the centre, it would happen sooner than later. However, a reasonable correction could take place before another leg of upmove. On the other hand, if market remains sideways for a considerable period also, it could be taken as a correction. Stocks which have run up ahead of fundamentals are seen correcting.

Technically, Nifty is bullish in all time frames and very short term trend could come under threat if it closes below 7900.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 7785, 7700, 7400 and 6825 respectively and wouldact as supports. Nifty has taken support from about 50 DMA last Three times and could be expected to lendstrong support and a deeper correction could set in only if it closes and trades  below 50 DMA(7700) consistently.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 20.75, which is about 14% above the  long term PE multiple.  Hence, further upside (  8500+ is possible during the year / before next Budget)  in view of the  stable and performing Government  at the centre as earnings would go up because of favourable atmosphere .  Hence, it could pullback nearer to long term average when it gets into correction.

Market is usually ahead of fundamentals and fundamentals need to catch up with the present valuations which could take some time , hence correction could be expected.

Further, Nifty had been trading in a range of 4600 to 6300 (till 2013) for more than 4 years and  a  powerful breakout had taken place  for an initial target of about 8000 / 8500.. Hence strong long term support would be around 6850 level and Medium term support is 7400.

Technicals...

RESISTANCE LEVELS :  8045,  8135, 8225

SUPPORT LEVELS :  7865, 7775, 7690.

Nifty is in  short term bullishness..  It would get out of the short bullishness only if it closes below 7900. Nifty is expected to face resistance around 8075 during the week and if it crosses 8075, it would face resistance around 8150.

Advice for Traders ::

Nifty continued its uptrend for Third week and short term uptrend can be expected to terminate only if it closes below 7900. However, high risk traders can consider short at high levels with 8075 as strict stop loss. Further, scrip specific approach is to be followed .

Investors need to accumulate quality stocks while traders need to be ever vigilant.

INDIAN EQUITIES OUTSHINE GLOBAL PEERS

Indian equities have outperformed most global indices this calendar year so far with the BSE-100 Index giving 27 per cent return as compared to MSCI emerging markets at 6 per cent and MSCI World at 2 per cent, says British brokerage firm Barclays. According to Barclays India equity strategy report, returns on Indian equities have largely been driven by earnings growth over the past 15 years. "In contrast to this long-term trend, this year has witnessed a 27 per cent return of which 19 per cent is due to multiples expansion. While this could be due to raised expectations on the back of change in India's political leadership, we believe that positive earnings momentum is required to sustain these returns," Barclays said. Despite this strong run, markets do not appear expensive yet with the one year forward valuation ratios for the BSE-100 Index at or near its 10-year average level. Further, comparing Indian equities to global equities, we find that the Indian equities valuation premium (P/E) over global equities is only 10 percent currently, which compares to the last 10-year average of 14 percent, the report said. The earnings remain the key driver of the Indian market. Barclays analysis indicates that over a 15-year period, earnings remain the biggest driver of market performance, not only at the index level but also for sectors. The forecasts for the Nifty suggest EPS growth of 16 per cent in FY'15 and 17 per cent in FY'16 post an insipid 9 per cent in FY'14 and have exhibited positive momentum in past three months. Economic data is also positive with increase in auto sales growth. While we believe that markets could time correct in short term, positive earnings momentum and strengthening economic data, gives us comfort on the medium-term uptrend, it said. Sectors which have strongly participated in YTD rally are industrials and financials industrials and financials have witnessed the highest valuation re-rating (YTD CY14) with 76 per cent of the cumulative returns in industrials and 74 per cent of the cumulative returns in financials owing to multiple re-rating, according to the report. Multiple expansions have been witnessed across most sectors except consumer staples which have witnessed multiple contractions, it added.

MODI WANTS RUPAY TO BE GLOBAL CARD

Aiming to take 'RuPay' cards to the international level, Prime Minister Narendra Modi today said the success of financial inclusion scheme Jan Dhan Yojana will pave way for its global acceptance. Under the Jan Dhan scheme launched today, banks will provide every account holder a 'RuPay' debit card with inbuilt Rs 1 lakh accident insurance. "... We are all aware globally about the popular Visa Card. Should we not also aspire that our 'RuPay' card becomes acceptable all over the world? Should it not also have the same credibility? After today's event, it looks like there is full possibility," Modi said after inaugurating the scheme. The RuPay platform -- developed by National Payments Corporation of India (NPCI)-- is already being used by certain banks like ICICI, State Bank of India, Punjab National Bank, among others, for clearings and settlements. RuPay, which works on three channels -- ATMs, Point of Sales (POS) and online sales, is the seventh such payment gateway in the world. With crores of poor people getting access to 'RuPay' debit cards, the divide between the rich and the poor will be bridged, he said, adding "like the rich people uses the debit card, now the poor too will have debit card."

NIFTY OUTLOOK FOR 1st SEPTEMBER & REVIEW

CLOSING CRUCIAL...

Nifty                               7954     +18 

Nifty made another all time closing high and closed with a gain of 18 point amid narrow and choppy movement. August Derivative series and month closed at the highest level. However, a wide range can be expected early next week in view of the very narrow trading range days in the last Two weeks. However, Nifty continued to close above 7900 mark and short term bullishness would be terminated only if it closes  below 7860 and further strength would be reinforced only when it surpasses 8000 mark . Nifty spot is expected to encounter resistance at 8000, 8035 and find support at 7915, 7875 for Monday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to display general bullishness in the forenoon session and the closing session quite crucial in view of the likely huge volatility. 

INDICES CLOSE @ RECORD HIGHS

Riding high on capital inflows, the benchmark Sensex today rose 77.96 points to end at new peak of 26,638.11 and logged the seventh straight month of gains in August as investors cheered steps taken by the Modi government to bring the back the economy on high growth path. Gains were seen in blue chips amid volatility as monthly derivative contracts expired today and partcipants eyed GDP April-June quarter data scheduled for release tomorrow. Domestic markets appeared resilient to fag-end news of rising tension in Ukraine that trimmed gains in Asia and Europe. The BSE Sensex also hit life high of 26,674.38 during the session today. At closing level, the index surpassed its previous closing peak of 26,560.15 hit yesterday. It extended winning run to sixth day in which it has gained 324 points. In 30-share Sensex, 17 stocks led by BHEL, L&T, ICICI Bank, ONGC, Wipro and GAIL gained while 12 declined. Hero MotoCorp held unchanged. "Markets consolidated at higher levels during the week, ending the month with around 3 per cent gains. Several mid-caps found buyers and outperformed the broader indices," said Dipen Shah, Head - PCG Research, Kotak Securities. Markets will be closed tomorrow on account of Ganesh Chaturthi. Thursday was the last trading day of this week and also the month in which Sensex has gained over 743 points. This also marks the seventh straight monthly gain. The NSE Nifty barometer gained 18.30 points, or 0.23 per cent, to settle at record 7,954.35, breaching its previous peak of 7,936.05 reached yesterday. Intra-day, it touched a high of 7,967.80, just missing the life high of 7,968.25 hit on August 25. The Sensex and the Nifty have gained about 26 per cent this year so far, the most among biggest global indices. Rail stocks were in demand after the government notified liberalised FDI norms for the sector. Shares of Texmaco Rail, Titagarh Wagons and Kalindee Rail Nirman rose. Sectorally, the BSE Capital Goods sector index gained the most by rising 1.43 per cent, followed by Oil & gas index 1.06 per cent, FMCG index rose 0.74 per cent. The thematic PSU index jumped 0.32 per cent. Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 290.18 crore yesterday.

NIFTY OUTLOOK FOR 28 & REVIEW

SCRIP SPECIFIC MOVEMENT

Nifty                               7936     +31 
Nifty made another all time closing high and closed with a gain of 31 point amid narrow and choppy movement. Further, Nifty has been closing in a tight range and  a wide move can be expected . However, Nifty continued to close above 7900 mark and short term bullishness would be terminated only if it closes  below 7850 and further strength would be reinforced only when it surpasses 7970. Nifty spot is expected to encounter resistance at 7975, 8010 and find support at 7895, 7860 for Thursday.Being last day of derivative closing, stock specific movement is most likely.  While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to display zigzag / volatile movement with scrip specific movement.

DREAMRUN CONTINUES

Indian markets continued their record-setting spree with Sensex today jumping over 117 points to settle at new closing peak of 26,560.15 and Nifty rising 31 points to closing high of 7,936.05 on hopes of a fresh Eurozone stimulus and as investors cheered upbeat US data. The Sensex, which rose for the fifth straight day, has closed at a new peak in each of last three sessions. Brokers said trading activity also picked up pace ahead of the expiry of monthly equity derivatives on Thursday. Defence stocks were in the limelight and rose by up to 20 per cent today after government notified increase in FDI limit to 49 per cent through approval route in the sector. The benchmark S&P BSE 30-share Sensex resumed on strong footing and traded in a range between 26,599.12 and 26,492.50 before registering its fresh closing high of 26,560.15, a net rise of 117.34 points or 0.44 per cent. It surpassed its previous closing peak of 26,442.81 logged yesterday. The 50-issue CNX Nifty of the NSE also opened higher and moved in a tight range of 30 points before ending up by 31.30 points or 0.40 per cent at 7,936.05 -- new closing peak. Its previous peak on closing basis was 7,913.20 (August 22). Select shares from refinery, auto, IT, consumer durables, banking and FMCG segments were in demand. Realty, power and metal sectors attracted profit-booking. "Positive global cues and likelihood for further monetary stimulus from European Central Bank (ECB) boosted the market sentiment...stocks from oil & gas sector also gained on hopes of proper reforms for subsidies," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. Sentiments remained upbeat after Oil Ministry said it will seek Cabinet nod for freeing diesel prices after retail rates achieve parity with global levels, and has proposed to cut subsidy payout by upstream firms like ONGC and Oil India by half, said Jayant Manglik, President-retail distribution, Religare Securities. Most Asian indices rose tracking US stocks that jumped anew Tuesday after data showed consumer confidence rose in August for a fourth straight month, to its strongest level since February 2008. Also, durable goods orders surged in July to a new monthly record. Europe was under pressure with the FTSE (UK) mildly up as "Ukraine issue was in focus", said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities.

PAID VACATION TIME NOT SUFFICIENT

When it comes to paid holidays, most Indians feel that the amount of vacation time given in the country is "not fair" compared to what is usually given globally, according to a recent survey.
"About 53 per cent of the Indian respondents do not feel the amount of paid vacation time given in India is fair compared to what the rest of the world receives," according to a survey 'Working on Vacation Survey' by TripAdvisor. The report surveyed more than 17,000 employed respondents across 11 countries, including 1,100 in India. The other 10 countries include US, Australia, Brazil, France, Germany, Italy, Japan, Russia, Spain and the UK.
Both Indian and the US respondents felt they would like an additional four days of vacation, considering 22 days of paid vacation to be fair and reasonable. Most Indians get 18 days paid vacations and they consider 22 days fair, it said adding that it is lower among the countries surveyed. Brazilians and Russians want the most vacations at 33 days per year. Among the countries polled, France gets the most average paid vacation days annually (31 days), followed by Russia (29 days).
The report further reveals that 47 per cent of Indians do not mind doing a little work on vacation, while 46 per cent would prefer to be totally disconnected, and seven per cent enjoy being connected to work while on vacation.
"While mostly no one enjoys having to work while on a vacation, today's hyper competitive and demanding work cultures preclude the fact that almost 50 per cent of Indians ended up attending to work while on vacation last year.
"While employees from a few other countries like the US and Australia are ahead of Indians on this not-so-desirable indicator, clearly this is not a great trend from the point of view of advocates of a happy work-life balance," TripAdvisor India Country Manager Nikhil Ganju said.
Across countries surveyed, the top reason the respondents cited for working on vacations is that there might be urgent situations that need attention. Nearly 71 per cent of Indian respondents polled said they worked on vacations to attend to urgent situations, it pointed out. The survey found that only 11 per cent Indian respondents most likely to report feeling guilty if they don't work on vacation compared to 18 per cent in US followed 14 per cent in the UK.

NIFTY OUTLOOK FOR 27 & REVIEW

FORENOON BETTER

Nifty                               7905     -2

While Nifty closed flat for the day, broader market was quite weak with negative  Advance Decline ratio at about 1:1.9. Further, Nifty has been closing in a tight range and  a wide move can be expected before derivative expiry. However, Nifty continued to close above 7900 mark and short term weakness  would set in only when it closes below 7850 and further strength would be reinforced only when it surpasses 7970. Nifty spot is expected to encounter resistance at 7945, 7980 and find support at 7865, 7830 for Wednesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally  better in the forenoon and could encounter selling pressure towards close.

SENSEX UP, NIFTY DOWN

The benchmark Sensex today erased initial losses and closed about six points up at a new closing peak of 26,442.81, extending gains for the fourth straight session, on recovery in select metal and auto scrips combined with buying in defensive sectors like FMCG and healthcare. The S&P BSE 30-share barometer resumed lower in line with weak Asian cues and moved in a range of 26,481.97 and 26,314.89. It ended at new closing high of 26,442.81, logging a small rise of 5.79 points, or 0.02 per cent. In four straight sessions, the Sensex has gained over 128 points. However, the broader 50-issue CNX Nifty of the NSE eased for the second straight day and closed at 7,904.75, a fall of 1.55 points, or 0.02 per cent. It moved between 7,862.45 and 7,915.45 intra day on alternate bouts of selling and buying. Brokers said investors have slowly come to terms with the potential impact of the Supreme Court's ruling on coal block allocations. As a result, Hindalco, Tata Steel, JSW Steel, Hindustan Zinc and SAIL rebounded from their early lows. However, some counters like Jindal Steel and Bhushan Steel continued to suffer. Heavy selling was initially seen after Competition Commission of India imposed Rs 2,545 crore fine on 14 car makers, including Tata Motors, Maruti Suzuki and Mahindra & Mahindra, for violating trade norms in the spare parts and after services market. However, short-coverings ahead of the expiry of August contract on Thursday aided the smart recovery in auto as well as metal stocks also, trader said. Some shares from power, capital goods and refinery sectors attracted profit-booking while pharma and FMCG were in demand as investors tried to seek safe refuge, they added. "The Sensex closed marginally higher and CNX Nifty closed marginally lower after witnessing intraday volatility...Going ahead, volatility is expected to continue as F&O expiry and GDP numbers are due on Thursday and Friday," said Jayant Manglik, President-retail distribution, Religare Securities.

ENACT LAWS TO PROTECT INVESTORS

Capital markets regulator Sebi today asked the States to enact laws to ensure depositors' interests are safeguarded. "Sebi Chairman U K Sinha suggested that the States enact depositors' investor protection laws and strengthen the enforcement mechanism," a release from the Reserve Bank said, quoting Sinha who was present at the 27th conference of state Finance Secretaries held here. The chief of capital markets watchdog also informed the gathering about the recent changes made in the Sebi Act to curb unauthorised deposit schemes. Last week, Sebi directed PACL, a Delhi-based property developer, to return a whopping Rs 49,100 crore to depositors collected through an illegal investment scheme. The Sebi action comes on the heel of West Bengal's Saradha scam and schemes involving two Sahara Group companies. Certain entities, which are out of purview of financial sector watchdogs, have often taken advantage of the regulatory loopholes to raise large amount of deposits. States like Tamil Nadu and Odisha have already enacted model Acts to take care of depositors' interests. Sinha sought cooperation of the states in this initiative by conducting investor awareness workshops and training officials. Sinha also sought help from the states to curb the off-system "dabba trading", the RBI release said. Chief Secretaries of 15 States and Finance Secretaries of 27 States and nine Union Territories attended the conference.

PAID VACATION TIME NOT SUFFICIENT

When it comes to paid holidays, most Indians feel that the amount of vacation time given in the country is "not fair" compared to what is usually given globally, according to a recent survey.
"About 53 per cent of the Indian respondents do not feel the amount of paid vacation time given in India is fair compared to what the rest of the world receives," according to a survey 'Working on Vacation Survey' by TripAdvisor. The report surveyed more than 17,000 employed respondents across 11 countries, including 1,100 in India. The other 10 countries include US, Australia, Brazil, France, Germany, Italy, Japan, Russia, Spain and the UK.
Both Indian and the US respondents felt they would like an additional four days of vacation, considering 22 days of paid vacation to be fair and reasonable. Most Indians get 18 days paid vacations and they consider 22 days fair, it said adding that it is lower among the countries surveyed. Brazilians and Russians want the most vacations at 33 days per year. Among the countries polled, France gets the most average paid vacation days annually (31 days), followed by Russia (29 days).
The report further reveals that 47 per cent of Indians do not mind doing a little work on vacation, while 46 per cent would prefer to be totally disconnected, and seven per cent enjoy being connected to work while on vacation.
"While mostly no one enjoys having to work while on a vacation, today's hyper competitive and demanding work cultures preclude the fact that almost 50 per cent of Indians ended up attending to work while on vacation last year.
"While employees from a few other countries like the US and Australia are ahead of Indians on this not-so-desirable indicator, clearly this is not a great trend from the point of view of advocates of a happy work-life balance," TripAdvisor India Country Manager Nikhil Ganju said.
Across countries surveyed, the top reason the respondents cited for working on vacations is that there might be urgent situations that need attention. Nearly 71 per cent of Indian respondents polled said they worked on vacations to attend to urgent situations, it pointed out. The survey found that only 11 per cent Indian respondents most likely to report feeling guilty if they don't work on vacation compared to 18 per cent in US followed 14 per cent in the UK.

NIFTY OUTLOOK FOR 26 & REVIEW

FORENOON RELATIVELY BETTER

Nifty                               7907     -6

Supreme Court verdict on coal blocks allocation had given a jolt to the market as it fell sharply from higher levels and close with a minor loss . However, Nifty continued to close above 7900 mark and short term weakness  would set in only when it closes below 7850 and further strength would be reinforced only when it surpasses 7970. Nifty spot is expected to encounter resistance at 7950, 7985 and find support at 7865, 7830 for Tuesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be relatively better in the forenoon and could encounter selling pressure in Second half of the day.

SUPREME COURT VERDICT PUT BRAKES TO MARKET

Indian markets hit new highs today but the Supreme Court's ruling on coal block allocations triggered a wave of selling, espcially in metal shares, after which the Nifty surrendered gains to end in the red while the Sensex limped to a new peak on closing with its 17-point rise. The S&P BSE Sensex, which was up by over 210 points at mid-session after it hit new life high of 26,630.74, washed out major part of early gains. It managed to settle in the green, up by 17.47 points, or 0.07 percent, at 26.437.02. On a closing basis, this is higher than 26,420.67 hit on August 19. The wide-based 50-issue CNX Nifty of the NSE also recorded its fresh intra-day historic high of 7,968.25, but came off from the new peak on late selling to end at 7,906.30 -- a fall of 6.90 points or 0.09 per cent. On intra-day basis, the Nifty crossed previous peak of 7,929.05 hit on August 22. The Supreme Court today held that all coal block allocations made since 1993 till 2010 before pre-auction era during previous NDA and UPA regimes have been done in an illegal manner by an "ad-hoc and casual" approach "without application of mind". As a result, metal stocks like Jindal Steel, Hindalco, Bhushan Steel, Tata Steel, Sesa Sterlite, JSW Steel, Hindustan Zinc, SAIL and NMDC closed down with 1.89-13.97 per cent loss. Besides metal stocks, realty, power, banking and capital goods counters too attracted profit-booking. Had there not been smart rise in TCS, ITC, HDFC, Infosys, HUL, M&M, Dr Reddy's Lab, Maruti Suzuki and Hero MotoCorp, the Sensex too would have closed deep in the red. "Market sentiment was strong till mid-session, however, post the Supreme Court's decision, stating coal allocation since 1993 till 2010 as illegal, triggered strong selling in select stocks like Hindalco and JSPL. Other sectors including power and some mid caps also followed suit," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. Globally, Asian markets mostly rose Monday, while the dollar hit multi-month highs against the yen and euro after the US Federal Reserve chief seemed to indicate a shift towards an interest rate rise sooner than expected. 

LAND ROVER TO DEVELOP INTELLIGENT SELF LEARNING CAR

Researchers at Tata group's flagship Jaguar Land Rover (JLR) are pioneering a cutting-edge technology to develop an intelligent self-learning vehicle that will offer a personalised driving experience and help prevent accidents by reducing driver distraction. Using artificial intelligence techniques, Jaguar Land Rover self-learning car will offer a comprehensive array of services to the driver, courtesy of a new learning algorithm that recognises who is in the car and learns their preferences and driving style, the company said. The software then applies this learning by using a range of variables including a personalised calendar, the time of day, traffic conditions, and the weather to predict driver behaviour and take over multiple daily driving chores, subsequently allowing the driver to better concentrate on the road ahead, it added. The features of the self-learning car comprises of vehicle personalisation, destination prediction, fuel assist, predictive phone call, passenger awareness, intelligent notifications, and auto adaptive cruise control (ACC), among others. Additionally, the personalised experience will not be limited to the car owned by the driver, the company said. If an intelligent Jaguar or Land Rover vehicle is hired in the future, the car will recognise both the driver and passengers, and offer them the same preferences learned by their car at home. "The aim of our self-learning technology is to minimise driver distraction, which will help reduce the risk of accidents, Wolfgang Epple, Director of Research and Technology for Jaguar Land Rover said. "Presenting the driver with information just at the right time whilst driving will reduce both cognitive distraction and the need for the driver to look away from the road to scroll through phone lists, or adjust mirrors, temperature or seat functions while on the road," he added.

PHARMA CONTINUES TO GROW IN DOUBLE DIGITS

The Indian pharmaceutical market will continue to grow in the double digits, representing a better growth opportunity than many other geographic markets, Moody's Investors Service says. However, drug companies in the country could face higher debt levels as the pharmaceutical sector grows, resulting in mergers and acquisitions, it said. "As consolidation in the industry continues globally, particularly among generic drug companies, Indian firms will increasingly look to become involved in global mergers and acquisitions. We have already seen some Indian companies increasing their pace of acquisitions," Moody's senior vice president Michael Levesque said in a report here. "Even if India's GDP growth slows or is uneven, the Indian pharmaceutical market would still represent a better growth opportunity than many other geographic markets, because of improving socioeconomic conditions and access to health care, against the backdrop of a rising prevalence of diseases such as diabetes and cardiovascular problems," Moody's vice president and senior analyst Kailash Chhaya said. While Indian firms do not face the same growth pressures as other players across the industry, they could become involved in global merger and acquisition activities; thereby pressuring their leverage from currently low levels. However, for most Indian companies, debt headroom is large as balance sheets are generally lowly leveraged. Moody's report acknowledges that as a general rule, key Indian players have maintained low financial leverage and demonstrated their aversion to risk, due to their unique structures -- when compared with global pharmaceutical firms -- of high ownership levels by founding family members, known as promoters.

Moody's sees such structures as credit positive for Indian drug companies, because the interests of creditors and promoters are frequently aligned and often lead to a more cautious risk appetite. The report acknowledges that size alone does not drive credit quality. Indian drug companies are characterised by good geographic diversity, healthier growth outlooks and more conservative financial policies than compared to large global players. Indian firms also exhibit favourable geographic mix, because of their strong presence in emerging markets like India and Russia, which will see high growth. By contrast, leading players in the mature, highly competitive US and western European markets, demonstrate much higher revenue concentration. According to Moody's, the US market represents a substantial growth opportunity for Indian drug companies, due to the rich pipelines of generic drugs awaiting approval by the US Food and Drug Administration. However, considerable event risk results from FDA manufacturing compliance standards, which have resulted in numerous warning letters for plants operated by Indian companies, it added. In addition, generic players operating in the US market will see greater exposure to legal costs, owing to new rules that will make companies responsible for drug safety labelling, Moody's said.

BENGALURU RECORDS 41% APPRECIATION IN MID INCOME HOMES

Bengaluru has witnessed maximum appreciation of 41 per cent in the mid-income housing segment during the last three years, while Pune tops the list with an average increase of 39 per cent in the high-end properties among the country's seven major cities. In Delhi-NCR, housing prices rose by 22 per cent and 24 per cent in mid segment and high-end categories, respectively, over the last three years (June 2011 and June 2014), according to a report by global property consultant Cushman & Wakefield. The report analyses the performance of the residential segment of seven major cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune and Hyderabad -- to rank the average capital value appreciation. "Mid-segment residential properties in Bengaluru market have seen the highest average capital values appreciation in the last 3 years (H1 2011–H1 2014), while Pune recorded the highest average appreciation in the high-end properties in the same period," C&W said in a statement. The capital values of mid-segment housing have increased in the range of 14-41 per cent during the last three years, while those of high-end properties in the range of 16-39 per cent during the period under review. In the mid segment, Bengaluru recorded the highest average appreciation of 41 per cent, followed by Pune at 28 per cent Chennai (27 per cent), Delhi-NCR (22 per cent) and Kolkata (17 per cent). Mumbai recorded an average capital values increase of 16 per cent while Hyderabad saw a rise of 14 per cent. In high-end segment, Pune recorded the highest increase in capital values of 39 per cent, followed by Bengaluru at 37 per cent and Chennai 34 per cent. Mumbai and Delhi-NCR recorded identical average increase of 24 per cent, while Hyderabad remained last with an average increase of 16 per cent. C&W said that North-west Bengaluru witnessed maximum capital value appreciation of 95 per cent, the highest among the top seven Indian cities, due to the launch of quality developments that garnered healthy demand due to their proximity to the international airport. Commenting on the report, C&W Executive Director Residential Services Shveta Jain said: "Despite the disparity in levels of average appreciation in capital values in the past, it is heartening to see that against poorer economic sentiments, all markets have recorded capital appreciation." Jain said markets driven largely by end-users have recorded highest average increases in capital values, while investor driven markets such as Delhi-NCR and Mumbai have seen lower appreciation. "This is largely because of the fact that in the last few years due to factors such as slower economic growth, devaluation of the Indian rupee against dollar and general unrest on account of factors such as inflation, slower rate of real estate development etc. which has led more probable markets of Delhi-NCR and Mumbai to see a slower rate of appreciation," Jain explained.

WEEKLY ASTRO GUIDE FOR NIFTY

Caution at Higher Levels

(as Mars Saturn conjunction could escalate Geo Political Tensions)

Planetary Position

- During the current week Moon would be transiting  from Makha in Leo to Hastha in Virgo.

- Sun transits in Makha in Leo .

- Mercury transits  in    Pubba and Uttara constellations  in   Leo.

- Mars  transits in  Visakha i  constellation in Libra  .  

- Saturn transits in Visakha constellation in Libra  .  

Jupiter transits in Pushyami in Cancer .

Astro range wise, Nifty is bullish with about 8000 as first target.

Most Important cosmic event is the forthcoming Mars Saturn conjunction on 25 / 26^th August which is to be watched for possible  geo political tensions etc., and their consequential effect on markets.

NIFTY::(7913(+122)

Nifty gained about 1.50% for the Second week . However, it has been range bound and traded in a narrow range with an imminent breakout / breakdown in the coming week. Technically, present bullishness would be under threat if it closes below7850. Macro  economic indicators have turned positive in view of the falling crude oil prices as Diesel subsidy is nearly phased out.   If inflation too eases leading to reduction of interest rates, economic revival would kick in leading to earnings growth and higher PE too. With a proactive and committed Government at the centre, it would happen sooner than later. However, a reasonable correction could take place before another leg of upmove. On the other hand, if market remains sideways also, it could be taken as a correction. Stocks which have run up ahead of fundamentals are seen correcting.

Bank Nifty and IT Index clocked in smarter gains than Nifty last week and these Two sectors are clearly bullish.

Technically, Nifty is bullish in all time frames and very short term trend could come under threat if it closes below 7850.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 7760, 7670, 7360 and 6800 respectively and would

act as supports. Nifty has taken support from about 50 DMA last Three times and could be expected to lend

strong support and a deeper correction could set in only if it closes and trades below 50 DMA(7670) consistently.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 20.50 , which is about 12% above the  long term PE multiple.  Hence, further upside ( 8000+ or 8500+ is possible during the year / before next Budget)  

in view of the  stable and performing Government  at the centre as earnings would go up becauseof favourable atmosphere .  Hence, it could pullback nearer to long term average when it gets into correction.

Market is usually ahead of fundamentals and fundamentals need to catch up with the present valuations which could take some time , hence correction could be expected.

Further, Nifty had been trading in a range of 4600 to 6300 (till 2013) for more than 4 years and  a  powerful breakout had taken place  for an initial target of about 8000 / 8500.. Hence strong long term support would be around 6800

level and Medium term support is 7350.

Resistance Levels : 8000,  8090, 8180 

Support Levels : 7825, 7735, 7650.

Nifty is in short term bullishness.. It would get out of the short bullishness

only if it closes below 7850. Nifty is expected to face resistance around 8025 and support around 7825 during the week.

Breakout level for the week is 7970, which if crossed would qualifty for a Buy on Decline for the week.

Advice for Traders ::

Nifty continued its uptrend for Two weeks and short term uptrend can be expected to terminate during the week or the next week. It is to be seen whether Nifty would cross 7970 to maintain the uptrend for the week. However, it would become weak only if it closes below 7850.

MFI's LOOK AT RURAL OPPORTUNITIES

Enthused by the Centre's plan to open 7.5 crore bank accounts over the next few years, MFIs and other such financial institutions that are working in rural areas have charted out massive expansion plans. The comprehensive financial inclusion plan was announced by Prime Minister Narendra Modi in his Independence Day speech. The Microfinance Institutions Network (MFIN) with 2.5 crore rural customers in its fold is ready to support the comprehensive financial inclusion programme. "The microfinance sector is keen to support the comprehensive financial inclusion programme of the Modi government," MFIN president Samit Ghosh told PTI on the sidelines of a financial services summit, organised by newsportal VCCircle here today. MFIs can help the programme by opening 2.5 crore bank account for the programme, he added. Capital First, which is into providing small loans to entrepreneurs, has charted out a five-year plan as per which it has plans to compound its business by 22-25 per cent per year. "Since ticket size is small, here the book builds slowly so we should not be in a hurry we can grow by about 22-25 per cent per year over the next five years. But gradually even at this pace, the loan book could grow to Rs 25,000 crore," said Capital First chairman V Vaidyanathan, who was earlier an executive director with ICICI Bank. "We want to expand our reach to micro segment as credit performance is distributed over millions of customers in the MSME sector. The gross NPA is only 0.5 per cent and net NPA is under 0.2 per cent in the past four years," he said in response to a concern that NPA may be high for this segment. "NPA could level up with rest of the industry over time, but still we are confident about our cash flow analysis and scoring methods," Vaidyanathan added. The company provides loans in the range of Rs 20,000- Rs 1 crore at an interest rate of 13-16 per cent. Vistaar Financial Services with 100 branches located in six states has also got ambitious growth plan. "We have plans to increase the number of branches to 250 from 100 now over the next three-four years. The idea is to increase the size of our loanbook to Rs 2,500 crore during this period. Moreover, we plan to increase the number of customers to three lakh from currently existing 40,000 during the period," Vistaar Financial Services managing director Brahmanand Hegde said. "To me financial inclusion means access to all kinds of services a person requires," he added. "As of now, we have got 80,000 accounts which comprises both credit and deposit accounts as well. We do see a growth of 40-50 percent in our balance sheet per year," Satin Creditcare Network chairman HP Singh said.

DELHI RANKED 111th IN LIVING CONDITIONS

Delhi has been ranked a dismal 111th out of 140 world cities in a latest global liveability study, pointing to the lack of urban planning across India's polluted and chaotic cities. India's capital shares the ranking with the Moroccan city of Casablanca in the Economist Intelligence Unit's (EIU) 'Global Liveability Ranking' released here yesterday. However, Delhi's educational institutions can take pride in the fact that they helped rank the city at 80 alongside Shanghai in China. The ranking, which provides scores for lifestyle challenges in 140 cities worldwide, shows that since 2009 average liveability across the world has fallen by 0.7 per cent, led by a 1.3 per cent fall in the score for stability and safety. Karachi in Pakistan and Dhaka in Bangladesh were the Asian countries that did not fare too well and ranked in the bottom 10 at 135 and 139 respectively. "Recent conflicts in Ukraine and the Middle East have underlined continuing fallout from a decade of destabilising events ranging from the war in Iraq to the Palestinian Intifada and the Arab Spring," the report says. Melbourne, Australia tops the ranking for the fourth year running, while Vienna, Austria is the top city in Europe and 2nd overall. Despite featuring in the top tier of liveability, London's score, weighed down by lower stability, is among the bottom three cities ranked in the European Union at 55. "Liveability trends tend to move slowly, so it is unsurprising to see little or no movement among the top ranked cities. But destabilisation has had a catastrophic impact for some cities with a possible knock-on effect in neighboring countries," said Jon Copestake, editor of the survey. The EIU's liveability rating, part of the 'Worldwide Cost of Living Survey', quantifies the challenges that might be presented to an individual's lifestyle in 140 cities worldwide. Each city is assigned a score for over 30 qualitative and quantitative factors across five broad categories of stability, healthcare, culture and environment, education, and infrastructure.

INSURER's WEBS TO PROVIDE UNCLAIMED DATA

In a customer friendly move, insurance regulator IRDA today asked all insurers to give information on their respective website about unclaimed amounts of Rs 1,000 or more due to policy holders. "All insurers are required to display the information about any unclaimed amount above Rs 1,000 of policyholders on their respective website," said a circular of Insurance Regulatory and Development Authority (IRDA). It further said insurance companies should provide a facility in the website to enable policyholders or dependents to find out "whether any unclaimed amount due to them are lying with the insurer". IRDA said said a policyholder should be able to find out the information by entering details like name, date of birth, policy number and PAN. "Name of the policyholder and date of birth may be made as compulsory fields to enter (on website), while policy number and PAN may be optional fields," the circular added. The regulator further said insurers are advised to upload the information as on December 31 by January 31, 2015. Subsequently, the information should be updated on a half yearly basis. Defining unclaimed amount, IRDA said it includes any sum payable to policyholder as death claim, maturity claim, survival claim, premium due for refund, among others, that remained unclaimed beyond six months from due date of settlement. IRDA also said in case of a new insurance policy, insurers are not required to collect the cancelled cheque where payment of premium is made by the proposer through cheque from his own bank account. The new norms will come into force from October 1.

OIL PRICES MIXED

Oil prices were mixed in Asia today as investors await the release of US Federal Reserve minutes from its July meeting, while keeping an eye on the latest stockpiles data. US benchmark West Texas Intermediate (WTI) for September delivery rose 34 cents to USD 94.82 on its last day of trading. It tumbled USD 1.93 in New York yesterday as speculative traders sold off ahead of its expiration date. Brent crude for October eased three cents to USD 101.53. Desmond Chua, market analyst at CMC Markets in Singapore, said dealers are squaring positions before they scrutinise the minutes of a two-day Fed meeting that ended on July 30. Investors will be looking at whether the minutes "reveal anything insightful pertaining to tightening monetary policy", Chua said. Bank policymakers have said the Fed will hold its near-zero interest rate policy until the US economy strengthens but may raise rates if the jobs market kept improving. Dealers are also awaiting the latest official US stockpiles report later Wednesday from the Department of Energy, with expectations for a decline. Crude oil stocks are projected to have fallen by 900,000 barrels on average in the week to August 15, according to analysts surveyed by the Wall Street Journal. Gasoline stockpiles are expected to have fallen by 1.3 million barrels, while stocks of distillates, which include heating oil and diesel, are expected to have dropped by 700,000 barrels. A decline in US stockpiles typically indicates strong demand in the world's top crude consumer, supporting global prices. Markets are continuing to track conflicts in crude producers Libya and Iraq, as well as in Ukraine, a key conduit for Russian gas exports to Europe, analysts said.

NOFTY OUTLOOK FOR 21 & REVIEW

SECOND HALF BETTER

Nifty                               7875     -23

Nifty snapped Six day winning streak and fell marginally. While Nifty recorded a fall for statistical purpose, broader market was strong with  higher Advances than Declines.  Stop loss for Nifty long positions may be kept at 7775 on close basis. Nifty’s further bullishness would be reinforced only when it clears 7925. Nifty spot is expected to encounter resistance at 7915, 7950 and find support at 7835, 7800 for Thursday.  While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market could get buying support at lower levels and recover in Second half of the day.

 FALL AFTER 7 DAYS

Markets dropped for the first time in seven sessions today with Sensex falling 106.38 points to end at 26,314.29 and Nifty easing by 22.20 points to 7,875.30 on profit taking at record high levels, amid mixed global cues. Although, the benchmark indices ended in the red, the total market breadth was positive on sustained buying by retail investors in small cap and mid cap counters. Refinery, FMCG, Auto and Capital Goods stocks attracted profit-booking while select shares from pharma, power, realty and IT segments were in demand. The BSE 30-share barometer resumed higher and immediately touched a high of 26,504.52 on firm Asian cues on the back of rally on Wall Street yesterday. Later, Sensex however met with strong resistance and fell in negative territory for the rest of the day to settle at 26,314.29, a fall of 106.38 points or 0.40 per cent. Yesterday, the 30-share benchmark had ended at its all-time closing high of 26,420.67 and had also logged intra-day life high of 26,530.67. In six sessions before today, Sensex had jumped 1,091.53 points or 4.31 per cent on positive global and local cues. "Domestic bourses were seen losing marginally in a range bound session on Wednesday. In absence of any major cues, traders preferred to maintain stock specific approach and focused mainly on healthcare pack. After six days of successive rise, its normal to see profit taking," said Jayant Manglik, President-retail distribution, Religare Securities. Pharma stocks such as Dr Reddys, Cipla and Sun Pharma ended up and were among biggest gainers in Sensex and Nifty. Similarly, the 50-issue CNX Nifty of the NSE logged a life high of 7,915.80 in early trade before falling back to conclude down by 22.20 points, or 0.28 per cent, at 7,875.30. It had gained 329.25 points, or 4.35 per cent, in the previous six trading sessions to hit record highs on successive days. In Asia, most indices edged higher following a positive lead from Wall Street, where stocks picked up on encouraging US data before a keynote speech this week by Fed chief. However, Europe's main stock markets dipped at the start of trading after two days of strong gains.

NIFTY OUTLOOK FOR 19 & REVIEW

CHOPPY MOVEMENTS...BUY ON DECLINE

Nifty                               7874     +83

Indices scaled a new high and Nifty closed with a gain of more than 1%. Bank and Infra stocks led the rally. Nifty being at a new high, it can be expected to touch the magic figure of 8000 in this month. Nifty spot is expected to encounter resistance at 7915, 7950 and find support at 7835, 7800 for Tuesday.  While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to  face zigzag / choppy movements and any reasonable decline during the day may be utilized to buy with a target of about 8000 during the month.

INDICES @ NEW HIGHS

Rising for the fifth day, benchmark Sensex today gained 288 points to end at new peak of 26,390.96 and the Nifty soared 83 points to close at new high of 7,874.25 after Prime Minister Narendra Modi's August 15 pledge to boost infrastructure and manufacturing fired up markets. Opening after a long weekend, stock markets were in a cheerful mood as investors infused funds to pick up shares across-the-spectrum. Sustained buying by foreign funds and firm European trends also helped, brokers said. Besides, a fall in global crude oil prices following receding geo-political concerns sustained the positive mood on domestic bourses as India imports nearly 80 per cent of its oil requirements, they added. Buying was seen mainly across-the-board as 10 out of 12 BSE sectoral indices closed with gains of between 0.26 per cent and 2.64 per cent. Oil&gas, banking, capital goods, power and metal shares led the charge while select FMCG and IT counters attracted profit-booking. "Markets witnessed a strong rally, which was boosted by positive statements from Prime Minister Narendra Modi, who emphasised the need for better governance and focus on improving infrastructure and manufacturing sector," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. The S&P BSE 30-share Sensex resumed slightly better and gradually improved further to an intra-day all-time peak of 26,413.11 before settling at new high of 26,390.96, showing a spurt of 287.73 points or 1.10 per cent. In straight five sessions, it has now zoomed 1,061.82 points or 4.19 per cent. ICICI Bank, ONGC, Tata Motors, Axis Bank, Cipla and BHEL were among prominent gainers in 24 Sensex counters that rose. The Sensex's previous all-time high was 26300.17 hit on July 25, 2014. It earlier closing peak was 26271.85 (July 24). Similarly, the 50-issue CNX Nifty of the NSE logged an intra-day new high of 7,880.50 before ending up by 82.55 points, or 1.06 per cent at 7,874.25 - a new closing peak. The Nifty hit previous all-time high of 7840.95 on July 25. Its earlier closing peak of 7830.60 was hit on July 24. Buying today was mainly boosted by consistent buying by foreign institutional investors (FIIs), who had picked up shares worth Rs 2,143.97 crore last week. Meanwhile, Asian stocks closed mixed while Europe was trading higher in late morning deals.

WEEKLY OUTLOOK FOR NIFTY

Close to Strong Resistance 

Planetary Position...

During the current week Moon would be transiting  from Krittika in Taurus to Punarvasu in Cancer. Sun transits in Makha in Leo.Mercury transits  in Makha and Pubba constellations  in Leo. Mars  transits in  Swathi  constellation in Libra. Saturn transits in Visakha constellation in Libra . Jupiter transits in Pushyami in Cancer . Last Week’s range was the monthly astro range and Nifty can be considered bullish above 7850 and bearish below 7550 for the rest of the month.

Forthcoming Mars Saturn conjunction on 25 / 26^th August is to be watched for any geo political tensions etc.,

NIFTY::(7791(+222)  

After Two weeks’ of fall Nifty staged a smart come back and rallied nearly 3%, gaining on all the Four days Of the week. While Nifty had gone up smartly due to the rise in certain heavy weight stocks, mid / small cap Stocks fared poorly  However, FIIs, who have been sellers had turned out to be buyers in Second half of the week which improved the sentiment. Crude Oil prices had fallen internationally and Gold imports too had fallen bringing down the CAD., Further, WPI inflation had eased while IIP numbers were disappointing.

Macro fundamentals can be expected to improve. Q1 results were a mixed bag and it appears that stocks prices of mid and small cap companies had run up much ahead of fundamentals and are in consolidation / correction mode. While stocks are individually correcting, Nifty has not corrected for the smart rise that it enjoyed from about 6000 during the last Six months.  Nifty had taken support from 50DMA for the  Third time and if it closes below 7600, a deeper correction could set in.

20 DMA, 50DMA and 100 DMA are placed at 7710, 7635, 7285 and they would act as supports / resistance for Nifty.

Nifty could be considered bullish for Medium term as long as it holds above 100 DMA and bullish for long term as long as it holds above 200DMA. However, as long term and Medium term outlook is quite bullish any reasonable short term corrections should be utilized to build long term positions.

Based on the present Government’s agenda, Infra  and Power sectors could come out of their problems soon . Stocks of promotes with proven record may be preferred in these sectors. Investors need to accumulate quality stocks while traders need to be ever vigilant.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 20 , which is about 10% above the  long term PE multiple.  Hence, further upside ( 8000+ or 8500+ is possible during the year / before next Budget)  in view of the  stable and performing Government  at the centre as earnings would go up because of favourable atmosphere .

Hence, it could pullback nearer to long term average when it gets into correction.

Market is usually ahead of fundamentals and fundamentals need to catch up with the present valuations which could take some time , hence correction could set in / stocks would continue to correct .

Further, Nifty had been trading in a range of 4600 to 6300 (till 2013) for more than 4 years and  a  powerful breakout had taken place  for an initial target of about 8000 / 8500.. Hence strong long term support would be around 6750 level and Medium term support is 7300.

Resistance Levels : 7880,  7970, 8060

Support Levels :  7700, 7615, 7530

Nifty is in  short term bullishness..  It would get out of the short bullishness only if it closes below 7675.

Advice for Traders ::

Nifty gets into short term bullishness and would continue to remain so as long as it holds above 7675. However, there is strong resistance around 7850 above which only it could be considered bullish for the week. Stock specific approach is tobe followed.

INDIANS TOP INVESTORS IN DUBAI REALTY MARKET

Indians have been ranked first among foreign investors in Dubai's real estate sector, making a total of 4,417 transactions worth nearly USD 3 billion in the first half of the year, according to an official report. Indians, British and Pakistanis ranked top three foreign investors in Dubai's real estate market with a combined share of Dh20.83 billion for 9,739 transactions in the first half of the year, according to the report by the Dubai Land Department (DLD). The DLD's list included the amount of real estate transactions conducted by foreign nationals, with investors from India, Pakistan, Britain, Canada, Russia, China, USA, France and Afghanistan involved in 14,231 property deals worth a total of Dh 30.533 billion for the first half of 2014. Indian nationals were ranked first for foreign investment, making a total of 4,417 transactions worth Dh 10.523 billion (USD 2.865 billion), Khaleej Times reported. British investors were in second place with 2,258 transactions worth Dh5.811 billion, followed by Pakistani investors with 3,064 transactions worth Dh 4.5 billion. Iranian and Canadian investors came in at fourth and fifth place, with transactions worth Dh2.7 billion and Dh1.9 billion respectively. Citizens from Russia, US and China occupied sixth, seventh and eighth places respectively, creating more than one billion dirhams worth of property invested in each category of national. "We are extremely proud of these positive results, as they reflect a building momentum in Dubai's real estate market which has now reasserted itself on both the regional and global stage. We are certain that the future will see even more demand, especially in light of the government's declaration of forthcoming major projects," said Sultan Butti bin Mejren, Director-General of DLD. The government organisation accompanied their announcement with a breakdown of nationalities making property investments in the first six months of 2014, which reported that Jordanians topped the list of Arab investors, with Indian nationals ranked first for foreigner investment.