The Indian market is today gave a shock and took away the hope of bulls!!.The Nifty touched a days high of 5430 and gone down to days low 5251 level and selling.Banknifty touched 10648 and gone to low of 10216 level.The sensex gave up about 600 points.
Budget may support the market!
Chairman of the Standing Committee on Finance Yashwant Sinha suggested raising the income tax exemption limit to Rs. 2 lakh in the budget, to provide relief to the common man, suffering the impact of high inflation.
Chairman of the Standing Committee on Finance Yashwant Sinha suggested raising the income tax exemption limit to Rs. 2 lakh in the budget, to provide relief to the common man, suffering the impact of high inflation.
Presently, income up to Rs1.6 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is Rs. 1.9 lakh and Rs. 2.4 lakh, respectively. However, under the DTC Bill, which was introduced in Parliament last year, the I-T exemption limit is proposed at Rs. 2 lakh. This kind of positive news flow could keep the market in tight range, but any negative news flow may take the market to lower levels.
we wrote in our yesterdays post we sold in 11270 and covered the positional shot yesterday partially as we gained 800+points in a weeks time and today we booked(covered all shots) and gained about 1000+ points in 8days time.
The intraday itself we made about 130 points gain doing very conservative trades.In our earlier post we wrote the banknifty will fall down to 10000 level.Now after seeing the sell off/off loading Nifty and many front line stocks we are expecting a mild bounce up in banknifty upto 10430 level and again it may slides down to 9970 level.The Nifty head and shoulders formation was waived today..just negate and focus trades now in intraday with SL.We also advise you to be catious now in all of your holdings in the Nifty fifty stocks.
Crude Oil February and Brent Oil March series are marginally up at $ 53 and $ 56 a barrel, respectively.
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