The scheme, first of its kind in India, is available with life-time pre-paid brokerage plan offered by ICICI Direct, the brokerage firm said in a statement.

The move will help the ICICI Securities' retail customers to trade in a disciplined manner.

Nifty closed 2nd consecutive week in positive territory, its slow & steady extending on up side as anticipated last week. It has broken out of running triangle kind of consolidation pattern in wave-B on up side; one can expect market to extend towards higher levels targets in short term. It made a high of 8055 levels. All the indices such as Bankex, midcap & Small cap etc also closed 2nd consecutive week in positive territory.

Short term out look for the market remains positive till nifty trades above 7800 levels & expecting targets in the range of 8120-8225 levels in short term. CNX BAKEX is out performing in short term. It’s also extending as anticipated in short term.

Goldman Sachs on Tuesday upgraded private lenders Axis Bank, ICICI Bank and YES Bank to ‘Buy’ from ‘Neutral’ citing attractive entry after recent underperformance on bad loans concerns.

Axis Bank, ICICI Bank and YES Bank closed 2.67 per cent, 1.12 per cent and 0.28 per cent lower at Rs 482.75, Rs 269 and Rs 729.35, respectively, on Tuesday.

Nifty closed weekly in positive territory after sharp decline of consecutive last four weeks. It failed to extend in wave-V of C as anticipated. It has completed 5 wave decline structure & achieved W=Y Equality Targets near recent lows. It has made a low of 7539.40 levels during week.

All the other Indices such as Midcap, Small cap & Bankex etc closed weekly in positive territory. CNX BANKEX has also achieved equality targets in this correction as anticipated. It made a low of 15,793 levels & started to sharply rise from these levels. One can expect this rally to continue further for the targets of 17185 levels till this low holds in short term.

Ajay Bodke: If one is betting on a revival in investment cycle, the banks that have gotten severely drubbed are essentially Axis Bank, ICICI Bank and Yes Bank. If one is willing to take a medium term perspective, the corporate focussed banks are the ones which are going to see the maximum reduction in the provisioning levels and also the upgrade in terms of the assets which have been classified as NPAs, so as and when the interest rate falls, economic revival will happen.

Bear hug dragged down domestic equity markets for the fourth consecutive week and to their lowest levels in over a year on weak global cues coupled with China slowdown fear and continuous selling pressure by foreign institutional investors. Key benchmark indices plunged over 4 per cent during August 28 and September 4.

The BSE Sensex lost 1,190.48 points at 25,201.90 for the week ended September 4. NSE Nifty also dipped by 346.90 point at 7,655.05 during the same period.

Total 13 public and private sector banks hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after banking share index, S&P BSE Bankex fell nearly 700 points.

At 09:59 AM, the S&P BSE Bankex, a gauge of public and private sector banks, dipped 669 points or 3.5% at 18,271 against 2.2% fall in the S&P BSE Sensex.

Banking shares are continue reeling under pressure with the country’s largest PSU bank State Bank of India (SBI), ICICI Bank and Bank of India hit their respective 52-week lows.

The CNX PSU Bank index, a gauge of public sector banks, hit a fresh 15-month low on the National Stock Exchange (NSE) on the back of weak macro economic data.

Rating agency Fitch today downgraded Punjab National Bank's (PNB) Viability Rating by one notch to 'bb' on the growing risk to the bank's capital position from mounting stock of stressed assets. It warned IDBI Bank about vulnerability to a downgrade due to rise in the stressed asset ratio.

It affirmed the Long Term Issuer Default Rating (IDR) at "BBB-" for banks including State Bank of India (SBI), PNB, Canara Bank, IDBI Bank, ICICI Bank, Axis Bank, Bank of Baroda and its subsidiary in New Zealand. For Chennai-based India Bank IDR has been affirmed at "BB+". The outlook on IDRs is stable.

In a move that caught its competitors off guard, HDFC Bank, India’s second-largest private lender, has reduced its base rate, the benchmark to which all other lending rates are linked, by a steep 35 basis points to 9.35 per cent. The new rate, effective Tuesday, is much lower than those of its competitors.

ICICI Bank and State Bank of India (SBI) have a base rate of 9.7 per cent.

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