Wednesday, August 3, 2016

NIFTY END BELOW 8578; MARKET EYEING THE GST BILL

index forming beARISH PATTERN; Go Short At Every Positive Rally
Today, Sensex ended with a loss of 284 points at 27,697. While, The Nifty closed with a loss of 78 points at 8,545. Stock market in India ended with sharp cuts on Wednesday as the government introduced the GST bill in the parliament. Investors are awaiting the outcome on the Goods and Services Tax (GST) constitutional amendment bill in Parliament. According to reports, the long-pending GST Bill is listed for consideration and passage in Rajya Sabha today amidst strong indications that the most far-reaching taxation reform would be supported by Congress and all other major political parties. The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12, 2016. Indian Stock Market was open negative. Technically, Nifty and  BankNifty has entered into negative region. Today, GST Bill would be discussed in Rajya Sabha. GST Bill news is already priced in and once the news is disclosed, market would move Sharply positive with a jerk but this positive rally would not last long. We expect that market would see deep correction after this positive jerk. Traders can go short in BankNifty at every
positive rally. Today Nifty closes below 8578 levels, market would see a sharp breakdown. So first sign of weakness after GST should be sold into.
TOP GAINERS: HCL Tech, Bharti Infratel, Cipla, Asian Paints, Bosch and Sun Pharma 
TOP LOSERS:  BHEL, ITC, Tata Motors, Maruti, Eicher and Aurobindo Pharma

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