DAILY NIFTY/BANK NIFTY NEWS REPORT

Nifty Outlook:

The Indian economy grew at 7.1 percent in 2016-17, the government said in new estimates on Wednesday, identical to the expansion projected in February, but slower than the previous year’s 8 percent growth. A 6.1 percent growth in January-March quarter, however, indicated that the economy is still smarting under the demonetisation shock that the sudden flush out of high-value notes and restricted cash access had caused on household spending and corporate investment. India also lost its status of fastest growing major economy, slipping sharply behind China’s 6.9 percent growth in January-March 2017 quarter.

Bank Nifty Outlook:

The Finance Minister said that the government is in the final stage of implementation of the Goods and Services Tax (GST). Jaitley said that implementation of the GST will add to the economic growth of the country and reiterated that the GST Council would stick to the rollout date of July 1. Rates of 90 percent of the goods and services under the new indirect tax regime, have already been finalised. Regarding requests from the various sectors towards a change in the proposed GST, he said that using media propaganda for getting the rates varied will not make any significant impact.

Nifty 50 Gainers
Stock	Price
ADANIPORTS	350.50
INFRATEL	377.00
HINDUNILVR	1,094.55
TECHM	398.50
BOSCHLTD	23,812.10

Nifty 50 Losers
Stock	Price
IOC	413.65
VEDL	231.10
ICICIBANK	319.90
HINDALCO	197.70
BHARTIARTL	366.05

Nifty Resistance & Support
R1 / R2	9640/9700
S1 / S2	9570/9500