Union Budget Today, Announcement on LTCG Would Decide Further Market Direction
Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted few days back that BankNifty has entered into negative zone and traders can go short at those levels. BankNifty saw lows of around 13550 levels from which it recovered to some extent. Traders, who followed EquityPandit’s advice might have earned huge profits in last couple of days. Nifty and BankNifty recovered and finally, closed positive for the day.
Today: Now, we are heading to Union Budget, today. Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in negative zone. There are some rumours in the market that the period for Long term capital gain tax can be increased from 1 year to 3 years for investment in Equity Market and if that happens then we should get ready for another 10% correction in days to come. But looking at the Indian Stock Market current conditions, it looks hard for Finance ministry to take such decision. So, if the Longterm Capital Gain Tax Period is not increased than market may recover sharply and may enter into the positive zone. Traders can go long if BankNifty breaches 14008 levels and should take long positions home, if it closes above those levels. All major indices and Stocks have seen weekly lows right at their support levels, so if those levels get breached then a breakdown would be confirmed in the market but there is a big chance that this may be a reversal and positive rally may be seen as all of them have made double or tripple bottom pattern with is bullish in nature. Traders should follow EquityPandit’s levels for going long and exiting short positions and should also follow the Longterm Capital announcement in the budget as suggested by EquityPandit. FIIs were net sellers of Rs.695.37 crores whereas DIIs were net buyers of Rs.784.14 crores in last trading session. Nifty would see strong support at 6868-6905-6820-6750 whereas strong resistance would be seen at 7100-7186-7240-7300 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (7030) The support for the Nifty is 6868-6905-6820-6750 and the resistance to the up move is at 7100-7186-7240-7300 levels.
NSE BankNifty: (13791) The support for BankNifty is at 13660-13500-13330-13017 and the resistance to the up move is at 13950-14008-14120-14200-14400 levels.
BSE Sensex: (23154) The support for the Sensex is at 23021-22909-22600 and the resistance to the up move is at 23450-23510-23600-23862 levels.
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