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.
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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