“BUY YESBANK ABOVE 1305
TGT 1320/1330”
“SELL YESBANK ABOVE 1280
TGT 1260/1250”
nifty SUSTAINS ABOVE
8650 MARK
Sensex ended with a loss of 67 points at 27,984. The Sensex
opened at 28,112 touched an intra-day high of 28,131 and low of 27,926.The
Nifty closed with a loss of 19 points at 8,659. The Nifty opened at 8,698 hit a
high of 8,699 and low of 8,637.The stock market swung between gains and
losses due to profit-booking by funds and investors amid weak European cues.
After opening with a positive bias, indices failed to carry forward the
momentum. reports suggested that a four-tier structure for Goods and
Services Tax (GST) comprising a lower rate of 6%, two standard rates of 12% and
18%, and a higher rate of 26% with an additional cess for luxury and demerit
goods were proposed in the third meeting of GST Council held yesterday, 18
October 2016. The higher rate for services under the indirect tax regime is
proposed to be 18%, while essential services such as transportation are
proposed to be taxed at 6% or 12%, as per reports.
Technically, For now, Market looks to enter into negative zone, so traders can go short for now. The downfall would be step but would not last long. Nifty Closed below 8650 it will a worry for Indian Stock Market. A strong break (close)below 8650 will increase the downside pressure and drag it to 8500,8400. Traders can go short on a break below 8650 with a stop-loss at 8750 for the target of 8500.On the other hand, a decisive break above 8710 will ease the downside pressure and take the index futures higher to 8800 and 8850 .
TOP GAINERS: GAIL, Wipro, Sun Pharma, Lupin, Axis Bank and ONGC
TOP LOSERS: ITC,
ICICI Bank, M&M, Hero MotoCorp, and TCS
