The document provides an overview of the technical trends in the Nifty 50 and Bank Nifty futures markets last week. It notes that the Nifty reached a new high of 9,367 last week and closed at 9,304 on Monday. It also discusses technical resistance and support levels for both indices. The document then provides analysis of pattern formations for both indices based on technical indicators. Finally, it lists the daily technical levels for various stocks.

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - Last week Nifty made a new record high of 9367 the Index made a low of 9130
and closed at 9304. On Monday Benchmark index opened in a positive note up by 35 points or 0.37
per cent at 9339. most of the future listed stocks declared their Quarterly results better than
expected that triggered the rally in Market. The overall Market Sentiment is not so upbeat
considering some doubt about Global reflation trade going on for the last one year. Also lingering
concern and various “ war of words” regarding the North Korea issue may have kept the market
extremely cautious. On Wednesday trading session, The Indian market benchmark Index Nifty
traded in a narrow range of 48 points through out trading session. Index opened at 9345, made a
high of 9346 and closed at 9312 after making a low of 9298. Nifty price to Earning ratio is
currently at around 23 and many analyst have started to advice investors to take out their positions
and be on the sidelines. But high P/E ratio does not necessarily indicate overvaluation. If further
earnings are better with the forthcoming quarterly results of remaining companies, it will adjust its
valuation automatically. Current trend is likely to continue for a longer timeframe unless we have
some unexpected disastrous global or domestic event in the foreseeable future. Time and Price
action Suggest that Nifty has to Sustain over 9280 for up move toward 9340-9460. On the Flip side
Sustaining below 9260 will drag the Index towards 9156-9004 in near term.
BANK NIFTY : - Last week Bank Nifty made a record high of 22383 and closed at the highest
level at 22358. The Index opened at 21592 and made a low of 21579. Public Sector Banks rallied
the most. Bank Nifty opened on a Strong note on Monday trading session up by 54 points or 0.24
per cent at 22412. The Development on Banking NPA resolution, fate of PSB’s Consolidation and
further updates on goods and Services Tax. There is a strong buzz from various policy makers
including Reserve Bank of India to privatize some of the fragile Public Sector Bank’s, Although if
implemented, this may be a significant Banking reform in India, but the proposal may also face
political backlash not only from the oppositions, but also from Government own stakeholders.
India’s NPL may be now around Rs.15 trillion against official Dec’16 figure of around Rs.6.5
trillion and most of these (around 70%) is confined within 30-50 large industrial groups, involving
lack of project viability and other structural issues. Nifty Bank too made a record high of 22853 and
closed at the highest level at 22604. The Index opened at 22412 and made a low of 22240. PSU
banks rallied the most in last week. As of now Bank Nifty has to Sustain Above 22600 for further
rally toward 22930-23102. On the Flip side Sustaining below 22580 may drag the Index towards
22476-22321.
Monday, 8 May 2017

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9616 9412 9310 9208 9004
WEEKLY R2 R1 PP S1 S2
9622 9414 9310 9206 8998
MONTHLY R2 R1 PP S1 S2
9622 9414 9310 9206 8998
BANK NIFTY
DAILY R2 R1 PP S1 S2
23609 22971 22652 22333 21695
WEEKLY R2 R1 PP S1 S2
24345 23155 22560 21935 20775
MONTHLY R2 R1 PP S1 S2
24345 23155 22560 21935 20775
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 9233 9111 8753 8654
BANK NIFTY 21907 21354 20162 19697
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 9164 9119 8550
BANK NIFTY 21953 21123 18744

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above Given Daily Chart of Nifty Index Applied Technical
Indicators Entire technical indicators are trading into the overbought phaseonce again after
the Strong boom fund in short to medium terms given that , It is likely to found accidental
profitable selling around the Resistance in Nifty Index. It may register the level of 9100 after
breaking decending triangle are with the heavy volume and being closed below its steady two
days. The Strong improved pro move upper Bollinger band is opening on 9391 to 9480 in
Nifty which can be considered as Near Strong Resistance Profitable Selling may remain in
the surge of below 9391 when the historical level can be found up to 9480 by crossing 9391
and giving close on it. The Crucial Resistance for Index is 9345-9410 and Crucial Support for
Nifty index is 9286-9208 .

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above Given Daily Chart of Bank Nifty has Applied Bollinger Band
along with Parabolic SAR. As we can see Enteire indicators are in negative trend and on the
overbought phase. Bank Nifty is Expected to trade in the catious note as 22600 is a crucial
level if giving clos on it, Bank Nifty may drag towards 22486-22352. On the Up side
Sustaining above 22650 can move the Index towards 22889-22963 in near Term.

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1704 1682 1646 1624 1588
ADANI PORTS EQ 352 348 342 338 332
AMBUJACEM EQ 251 248 244 241 237
ASIAN PAINT EQ 1173 1159 1147 1133 1121
AXISBANK EQ 529 516 509 496 489
BAJAJ-AUTO EQ 2958 2920 2901 2863 2844
BANKBARODA EQ 209 198 191 180 173
BPCL EQ 755 739 730 714 705
BHEL EQ 177 174 173 170 169
BHARTIARTL EQ 351 348 345 342 339
BOSCH LTD EQ 24135 23793 23406 23064 22677
BHARTI INFRATEL EQ 377 371 365 359 353
CIPLA EQ 559 553 549 543 539
COALINDIA EQ 286 282 280 276 274
CAIRN INDIA LTD EQ 2636 2617 2605 2586 2574
DRREDDY EQ 436 426 420 410 404
GAIL EQ 1234 1214 1198 1178 1162
GRASIM EQ 843 835 825 817 807
HCLTECH EQ 1581 1562 1551 1532 1521
HDFC EQ 1549 1540 1533 1524 1517
HDFCBANK EQ 3436 3399 3374 3337 3312
HEROMOTOCO EQ 196 190 187 181 178
HINDALCO EQ 964 959 954 949 944
HINDUNILVR EQ 305 301 298 294 291
ICICIBANK EQ 283 280 278 275 273
ITC EQ 1440 1424 1414 1398 1388
INDUSIND BANK EQ 946 938 929 921 912
INFY EQ 84 83 82 81 80
IDEA CELLULAR EQ 918 913 906 901 894
KOTAKBANK EQ 1747 1734 1719 1706 1691
LT EQ 1343 1330 1319 1309 1295
M&M EQ 69632 68966 67733 67067 65834
MRF EQ 6716 6683 6642 6609 6568
MARUTI SUZUKI EQ 190 187 184 181 178
ONGC EQ 164 162 160 158 156
NTPC EQ 34 33 31 30 28
RCOM EQ 685 668 655 638 625
RELCAPITAL EQ 1382 1355 1340 1313 1298
RELIANCE EQ 604 591 583 570 562
RELINFRA EQ 49 48 46 45 43
RPOWER EQ 309 302 297 290 285
SBIN EQ 235 229 223 217 211
SSLT( VEDL) EQ 643 636 631 624 619
SUNPHARMA EQ 272 266 261 255 250
TATA MOTORSDVR EQ 2349 2336 2319 2306 2289
TCS EQ 442 431 424 413 406
TATAMOTORS EQ 85 84 83 82 81
TATAPOWER EQ 448 440 434 426 420
TATASTEEL EQ 214 201 191 178 168
UNIONBANK EQ 1642 1627 1615 1600 1588
YES BANK LIMITED EQ 529 517 510 498 491
ZEEL EQ 352 348 342 338 332

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 TATAMOTORS LTD 458 419 - 8.56 %
2 HINDALCO 199 185 - 6.80 %
3 LUPIN LTD. 1338 1252 - 6.43 %
4 RELIANCE 1395 1328 - 4.80 %
5 ZEEL 526 505 - 4.03 %
6 TATASTEEL 449 433 - 3.48 %
7 BHARTI AIRTEL 355 344 - 3.02 %
8 AURO PHARMA 606 589 - 2.93 %
9 NTPC 164 159 - 2.92 %
10 INDUSIND BANK 1444 1408 - 2.55 %
11 SUN PHARMA 641 630 - 1.83 %
12 IOC 440 433 - 1.58 %
13 ONGC 186 183 - 1.47 %
14 L&T 1749 1724 - 1.45 %
15 CIPLA 557 549 - 1.35 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 INDIABULLS 1016 1106 + 8.76 %
2 ICICI BANK 278 298 + 7.20 %
3 ADANI PORTS 327 344 + 5.26 %
4 BHARTI INFRATEL 354 366 + 3.35 %
5 GRASIM INDUS 1155 1192 + 3.21 %
6 ASIAN PAINTS 1120 1146 + 2.35 %
7 SBIN 289 296 + 2.16 %
8 TCS 2273 2320 + 2.08 %
9 ACC LIMITED 1626 1660 + 2.07 %
10 HINDUNILVR 934 953 + 2.03 %
11 BOSCH LTD. 22991 23453 + 2.01 %
12 MARUTI SUZUKI 6524 6654 + 1.98 %
13 ULTRATECH CEM 4248 4329 + 1.91 %
14 HCL TECH 814 829 + 1.90 %
15 HERO MOTOCORP 3318 3376 + 1.75 %

8. OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

9. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Sovereign Ratings Upgrade due despite weak government finances: DBS - Increasingly,
economists and other market participants are making a strong case for revising India’s
sovereign ratings despite a weak combined Fiscal position. In the light of signs of political
stability recent state elections, a strong external sector balance sheet a positive growth outlook
supported by improving Rural incomes, higher public sector wages, lower borrowing costs and
moderate inflation an upgrade in the rating outlook appears probable over the next one Year,
said Singapore based Investment bank DBS. Even as a section of economists site weak fiscal
situation may delay rating revision, many Asian economies have seen a sovereign ratings
upgrade despite weak government finances but have had high growth. India should also benefit
from a similar trend,it said. India’s current rating by major rating agencies is 'BBB-‘ or at the
lowest notch of investment grade rating with a stable outlook. “ Why should India, the fastest
growing emerging market for over one year now, with all macroeconomic fundamentals being
positive, rated just BBB-“ said Deeepak Parekh in an interview.
Government to Achieve 3.5 per cent Fiscal Deficit for FY 17 - Controller General of Accounts
-
Government to meet 3.5% fiscal deficit target for FY17: CGA - The government is
confident of achieving the fiscal deficit target of 3.5 per cent for 2016- 17, the newly appointed
Controller General of Accounts , Anthony Lianzuala, said. After taking charge Mr. Lianzuala -
a 1982 batch civil Accounts Service Officer - said his office has given timely input to the
government on expenditure and receipt front to assess is fiscal road-map.
"We have done our best and I think the government will be able to achieve its target of fiscal
deficit of 3.5 per cent," he said. Further, he explained that his office sends input to the
government on a daily basis to assess its fiscal position. "For example, in the last 15 days of
March, we have given all our inputs on expenditure and receipt collection on a day-to-day
basis. This helps the government in seeing how much fiscal deficit it is on a particular date,"
said the official.
India to see $ 35-40 billion worth impact investments by 2025 - India may witness the
‘’’India is projected to see impact investments worth up to $ 40 billion by 2025 as the country
is in a "sweet spot" with high potential to deliver solutions for various problems, according to
global grouping GIIN. Based in New York, the Global Impact Investing Network is a
not-for-profit group that works to promote impact investments and has around 230 members.

10. Generally, impact investments refer to those made with the aim of having a social and
environmental impact along with the investors getting financial returns. GIIN's Advisor for
South Asia, Anil Sinha said, there has been tremendous development in India around impact
investing activities in the last five years and the country is in a sweet spot. "In India, about $ 4
billion has been invested as part of impact investments in about five years. On an average
annual basis, it is around $ 1 billion," Sinha said in an interview.
Manufacturing sector grows for 4th straight month in April - Indian manufacturing sector
registered growth for the fourth straight month in April, but at an unchanged rate from the
previous month, as rise in new orders was offset by moderate increases in output, a survey said.
The Nikkei Markit India Manufacturing Purchasing Managers’ Index — an indicator of
manufacturing activity — matched March’s reading of 52.5. Though the upturn in order books
was “most pronounced” since last October and new export orders rose for the third month in a
row, the rate of expansion eased from March. April is the fourth straight month in which
manufacturing sector registered growth after the demonetisation-induced contraction at the end
of 2016. A reading above 50 indicates expansion, while any score below the mark means
contraction. “Buoyant domestic demand coupled with sustained growth of new orders from
abroad boosted the upturn in total new business received by Indian manufacturers in April,”
said Pollyanna De Lima, Economist at IHS Markit and author of the report.
South India likely to get normal to excess rain: Weather Risk Management - : Weather
Risk Management Services has said south India is likely to get normal to excess rain this
monsoon, a forecast that could ease concerns in a region where agriculture has suffered due to
back-to-back droughts. The forecast for north India, however, is not as promising. The region,
which received normal rains last year, could see deficient rainfall this time, the climate risk
management and weather forecasting agency said on Friday. Southern portions of the country
are expected to receive normal to excess rainfall in both southwest and north-east monsoons
this fiscal,” said Kranti Prasad, senior consultant, climate sciences, Weather Risk Management
Services, however, he added that south India could experience deficient rainfall in October but
would receive normal to excess rains during November.
GST will propel economy to eight per cent growth rate in next fiscal: Shaktikanta Das -
The Indian economy will grow 8 per cent next fiscal as the full-year impact of the landmark
Goods and Service Tax will be seen by that time, Economic Affairs Secretary Shaktikanta Das
has said. The 8 per cent growth rate in 2018-19 fiscal year will compare to a projected 7.5 per
cent GDP expansion in the current financial year and 7.1 per cent of 2016-17. Speaking to
select media on the sidelines of the Asian Development Bank's 50th annual meeting, Das said
while the government continues to step up on reform measures, the country's largest ever

11. demonetisation of currency notes led to widening of tax base and curbing of a parallel shadow
economy. In 2017-18, we are expecting a 7.5 per cent growth. The GST will be introduced
from July 1. The impact this year will be felt for nine months. By next year, the GST would
have stabilised much more. So, a full-year impact of the GST will be seen in 2018-19. It would
be reasonable to expect that in 2018-19, India will be close to 8 per cent growth," he said.
✍ TOP ECONOMY NEWS
Considering the protectionist trends in the developed world, India could become a leading
player in the manufacturing sector in the world, if we improve on manufacturing in the country,
said the FM, Arun Jaitley, while addressing the Confederation of Indian Industry, reported a
national news agency. “on services, we are among the leading. But the question is, can we
improve our manufacturing?" said Jaitley.
The American business community is encouraged by the highest level of engagement between
India and the US under the Trump administration and looks forward to elevate the ties even
further, the head of a top American industry advocacy group has said.
The GST would not increase compliance burden on assessees and all apprehensions in this
regard are misplaced, Revenue Secretary Hasmukh Adhia said today.
The Central Board of Direct Taxes has received maximum number of Advance Pricing
Agreements applications from the US in the last five year (2012-13 to 2016-17). The CBDT,
the Apex policy making body of the income-tax department, has so far received 42 application
for India-US bilateral APAs.
With only 13 states and UTs notifying rules under the realty law that came into effect, apex
body CREDAI expects that the remaining will soon implement this law and asked member
developers not to panic. CREDAI will hold workshops across the country to help its over
10,000 member developers prepare for compliance of provisions of the Real Estate Act, 2016,
its national President Jaxay Shah said.
Market participants will have to gear up for the new series Index of Industrial Production with
the base year 2011-12 on May 9. The new series of the index is being launched with an aim to
map economic activities more accurately. The New base year of 2011-12 has been finalised and
a high-level panel had firmed up the methodology for the IIP Index. The IIP as of now is
calculated on the base year of 2004-05.

12. The adventurous moves by the government to weed out black money from the economy seem
to bear fruits even as the number of income tax return filings have remarkably gone up. A
report Published has revealed that an Additional 95 lakh people have filed tax returns.
With the rise in FDI inflow, the India has also continued to witness the FDI outflow. India’s
biggest FDI outflow destinations include Mauritius and Singapore. However, Surprisingly the
FDI source for the country are also the same Mauritius and Singapore. This has caused many
doubtful things to arise. It is important to examine FDI outflows from India and FDI inflows in
India. The Indian government recently banned participatory notes to curb the threat of round
tripping. The government should examine all the possible issues related to FDI inflows.
Data by the Institute of International Finance on Tuesday, 2 May 2017, showed that the
Emerging markets have witnessed fifth straight month of net 'Non-Resident' portfolio inflows
in April, their best run since the first half of 2015.
Public sector banking stocks such as Bank of Baroda, Allahabad Bank, Syndicate Bank,
Punjab National Bank and State Bank of India surged when the reports came out regarding
PMO agreeing to the idea of the creation of the bad bank, as reported on a leading business
channel.
The Government of India on Friday issued an ordinance to amend the Banking Regulation Act,
1949, whereby it can issue order to Reserve Bank of India - the banking regulator, to issue
directions to any bank to initiate the insolvency resolution process under the provisions of
Insolvency and bankruptcy code 2016, against defaulting entities. The ordinance also
empowers RBI to appoint members in the committees constituted for resolution of stressed
assets.
The week ended with weaker major indices in the markets. Nifty shed 74.6 points to close at
9285.3 levels. On the Friday’s trading session, Foreign Institutional Investors took out nearly
Rs. 363 Crore from the markets. The FIIs were the net sellers in the past week taking out
around Rs. 3245 Crore from the markets in past week.
The new ordinance rolled out to flush out the NPAs from the banking system of the country.
The ordinance received Presidential nod and gave addition fuel to RBI to hunt down the willful
defaulters. The ordinance to amend the Banking Regulation Act will give the Reserve Bank of
India unprecedented power to take decisions on resolution of individuals bad loan cases and the

13. development augurs well for the banking industry as a whole.
✍ TOP CORPORATE NEWS -
The stock of Balrampur Chini Mills Limited slipped 1.8% at Rs. 159.8 on news of National
Green Tribunal slapping Rs. 25 lac fine on the company. The stock has witnessed a fall almost
for all trading days after consolidating at its 52-week high levels of 170. The fine was
regarding environmental degradation allegedly caused by operations at Uttar Pradesh units.
Strategic move by the Infosys Limited to hire about 10,000 Americans, which is mere 5%
more to its total workforce, might cost the Infosys about $ 1 billion in wages, reported.
Bajaj Auto Limited reported a decline in its total sales in April 2017, by 0.3 per cent to 3.29
lakh units against a sale of 3.30 lakh units in April 2016. A drop in the domestic sales by 21 per
cent to 177,887 units from 226,133 units in the same month a year ago, as an affect of the BS
III vehicle ban dampened the total sales of the company.
Reliance Industries Limited is one of the best wealth creators in large cap space on YTD
basis. The stock has gained almost 27% on YTD thus outperforming the benchmark index
Sensex. One of the reasons for long-term investors to bet on RIL has been the expectation of
the company turning to be a free cash flow positive from FY19.
The stock of Sun Pharma Limited Advanced Research Company on Wednesday rose 1.71%
to Rs 325 at 9:45 AM IST after the company informed of a board meeting to be held on 5 May
2017 to consider proposal for raising of additional funds by way of issue of equity
shares/warrants convertible, as per Exchange filing.
Sudan denied the extension of license to India's ONGC Videsh for operating an oilfield as the
country sought higher royalties and taxes from the Indian PSU in order to make up for the
revenue lost due to a drop in the oil prices.
Asian Granito India Limited, one of India’s largest tiles companies is planning to double its
revenues in coming 3-4 years. The company has set a revenue target of Rs. 2,000 crore and aim
to be among the top 3 tiles companies in India in its vision for 2020.
Indian Steel making company Tata Steel Limited has completed the sale of its Speciality Steels
business for around 100 million euros to Liberty House Group reported a Source.

14. Strides Shasun Limited on Friday announced that its Active Pharmaceutical Ingredients
manufacturing site in Puducherry was recently inspected by US FDA and the approval was
renewed with ‘Zero 483’ status. Over the last month, three facilities were inspected by US FDA
and cleared with Zero 483 Status.
Dilip Buildcon Limited surged by over 9% or Rs. 37 on May 5, 2017. The stock surged on
account of the introduction of RERA and GST along with the company strengthening its
presence in the market by winning new infrastructure development projects. Recently the
company bagged three road projects worth Rs 3,269 crore in Maharashtra.
The debt-burdened infrastructure company, Jaiprakash Associates Limited failed to pay
interest on non- convertible debentures even as the due date expired three months back. The
parent company Jaypee Group has sold off several assets to curtail its debt burden. The
company also sold off its cement plants with a total capacity worth 21.1 million tonnes per
annum for Rs 16,189 crore to UltraTech Cemen.
Cadila healthcare Limited received the final approval from the USFDA to market the drug,
Budesonide Capsules, 3mg. Budesonide Capsules are widely used for the treatment of mild to
moderate active Crohn’s disease.
NBCC Limited on Friday announced that it has signed a MoU with the government for the
construction of a new office complex worth Rs. 226.84 crores, reported a leading business
news paper.
Larsen & Toubro Infotech reported exemplary results for the Q4FY17. The company’s results
fared better than the expectations of the market experts. The company’s consolidated net profit
grew by 11.8% on a yearly basis at Rs. 255 crore in Q4FY17 and the revenue from operations
increased by 7.7% to Rs. 1,677 crore on in FY17, as compared to the previous year.
The board of the Godrej Properties Limited has approved the sale of its entire stake in Godrej
Investment Advisers Private Limited subject to requisite approvals. The stock witnessed high
volumes at around 1110 hours on Friday.
Varun Beverages Limited new manufacturing unit being set up by the PepsiCo’s bottler, Varun
Beverages, in the Hardoi district of Uttar Pradesh will manufacture a range of Pepsi products in
the unit, as the company stated in a filing.

15. Yes bank Limited has said on Thursday that it has entered into a partnership with United Arab
Emirates-based banking group Emirates NBD to provide loan against deposits to non-resident
Indians. The Non-resident Indians in the Gulf nation can avail loans in the local currency from
Emirates NBD against the external fixed deposit and foreign currency deposits with Yes Bank,
according to the deal.
Jubilant Pharma Limited, a wholly owned subsidiary of Jubilant Life Sciences Limited
through one of its wholly-owned subsidiaries, has signed an asset purchase agreement with
Triad Isotopes Inc. and its parent, Isotope Holdings, Inc. to acquire substantially all the assets
which include the radiopharmacy business of Triad.
Berger Paints Limited, one of the leading Indian paint company and manufacturer, recently
signed an agreement with Rock Paint, headquartered in Japan, to market automotive refinish
paints and further advance to set up a joint venture between the two firms eventually.
The Federal Bank has reported the strong financial results for the quarter ended March 31,
2017. There are many investors speculating about the government’s stance on the resolution of
Non-Performing Assets.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Public sector lender Indian Bank will raise Rs. 5,000 crore to Support loans for Infrastructure
as well as affordable housing. The bank's board of directors will take up the proposal to raise
money at its meeting to be held next week. A proposal for issue of long term bonds for
financing of infrastructure and affordable housing up to an amount of Rs. 5,000 crore will be
taken up for approval.on May 5, 2017," Indian Bank said in a regulatory filing.
Banks have sold Rs. 2.44 trillions of bad loans to 23 Asset Reconstruction Companies and
despite a surge in stressed assets to around 15 per cent, there was a slowdown in transactions in
recent months. Around Rs. 2.44 trillion worth of gross NPAs have been sold to ARC’s till
now," the report by industry lobby Assocham and Edelweiss ARC said.
Large private banks and some state owned banks are expected to take a cue from country's
largest lender State Bank of India in lowering deposit rates. Countries largest bank has cut
deposit rates by up to 50 basis points for maturities above two years but have retained the

16. 7.40% on one year deposits for senior citizen. Also, the bank has decided that it will continue
to offer 6.90% one year to 455 days which attracts maximum deposits.
A slew of public sector Banks, including Punjab National Bank and Union Bank, plan to
raise a combined Rs. 17,800 crore in one or more tranches this year through various
instruments like bonds issue and follow on offer. The country's second largest public sector
lender Punjab National Bank will raise up to Rs 3,000 crore through Basel III compliant
additional tier-I bonds. The money raise will be subject to availability of headroom in one or
more tranches, the bank said in a regulatory filing.
The bad loan ordinance will allow the Reserve Bank of India to ensure that dissenting banks
come to the negotiating table and accept resolution plans adopted by the majority of lenders or
the one that's most feasible in the circumstances. They won't be able to hold out for fear of
writedowns or getting caught up in subsequent investigations by government agencies.
The Reserve Bank of India sprang into action as soon as the government notified the ordinance
on bad loans, with the regulator offering more teeth to groups of lenders to deal with recovery
proceedings and telling banks to stick to majority-agreed plans or face a penalty.
State Bank of India, the country’s largest, sees a "positive turnaround" in the nation’s bad loan
mess after the government implements a new rule aimed at resolving the problem, chairman of the
lender said.

17. LEGAL DISCLAIMER
This Document has been prepared by Ways2Capital (A Division of High Brow Market Research
Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on
Ways2Capital Equity/Commodities Research assessment and have been obtained from sources
believed to be reliable. This document is meant for the use of the intended recipient only.
This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is
meant for general information only. Ways2Capital Equity/Commodities Research, its directors,
officers or employees shall not in any way to be responsible for the contents stated herein.
Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may
arise from information, errors or omissions in this connection. This document is not to be
considered as an offer to sell or a solicitation to buy any securities or commodities.
All information, levels & recommendations provided above are given on the basis of technical &
fundamental research done by the panel of expert of Ways2Capital but we do not accept any
liability for errors of opinion. People surfing through the website have right to opt the product
services of their own choices.
Any investment in commodity market bears risk, company will not be liable for any loss done on
these recommendations. These levels do not necessarily indicate future price moment. Company
holds the right to alter the information without any further notice. Any browsing through website
means acceptance of disclaimer.
DISCLOSURE
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business
with companies covered in research report nor is associated in any manner with any issuer of
products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure

18. compliance with the regulatory body, we have resolved that the company and all its representatives
will not make any trades in the market.
Clients are advised to consider information provided in the report as opinion only & make
investment decision of their own. Clients are also advised to read & understand terms & conditions
of services published on website. No litigations have been filed against the company since the
incorporation of the company.
Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market Research Investment
Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views
about the subject company or companies & their securities and no part of compensation was, is or
will be directly or indirectly related to the specific recommendations or views contained in this
research report.
Disclosure in terms of Conflict of Interest:
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in
the subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial
ownership of one percent or more in the securities of the subject company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at
the time of publication of the research report or at the time of public appearance;
Disclosure in terms of Compensation:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts,
professionals reporting to analysts from owning securities of any company in the analyst's area of
coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market
Research Pvt. Ltd.
Disclosure in terms of Public Appearance:
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation
from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of
distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or
employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.