Blog meant for 20 Oct 2016 Thursday
Dear friends,
Profit booking lead to Nifty closing marginally lower today. It closed 19 points lower. However, the global cues are slightly more positive today. European and US markets are trading marginally positive.
Nifty is in Wait to Buy zone still. As per 30 days moving average graph, the following are the indications for short term –
Wait to Sell – Maruti
Don’t Buy – Axis Bank, HDFC, M&M, Titan, HDFC Bank, L&T
Just Buy – Infosys
Buy – L&T
Sell – TCS
Since yesterday’s rally was huge, markets cooled off a bit today. There is a chance that markets could resume uptrend if the Asian markets open in positive territory.
Lot of progress has been made by the Central Government and many State Governments with respect to GST. It is looking likely that in many states, GST will be implemented from April 1, 2017. As things get finalised, we need to see how it affects individuals, businesses and the overall economy and finally how it would impact the Stock Markets.
We will know in the days and months to come about the above.
All the best!
Dr.Bharath Chandra
