Stock market: The enthusiasm of the GST cut in the market has cooled down. The gap-up opening has not been fixed. The Nifty from the Aspasupari levels of 2 pm has slipped around 200 points to below 24800. Bank Nifty has also weakened after opening with the edge. Midcap and smallcap are seeing fast profit booking. GST deduction maintains auto shares. The Nifty Auto Index ran one and a half percent. M&M has been the top gainer of futures since morning with a rise of more than 6 percent. At the same time, Eicher and TVS motor also maintains an edge.
Fashion, footwear and textile shares have also run due to decrease in GST. Bata is getting a 7 per cent jump. Campus is also bright. At the same time, Trent and Aditya Birla fashion in Textile also continues.
Even after zero GST in retail insurance, the shares of insurance companies have cooled down. In fact, GST has increased the worry on expenses without input credit. HDFC Life and ICICI prudential slipped up to 5 % from upper levels. The policy market is also cooled by upper levels.
How is the market move?
In such a situation, while talking about the further move of the market, CNBC-Awaaz managing editor Anuj Singhal said that today the market went up but did not have a gapup. Today there was a huge profit booking in midcap. The market is not ready to run. Let’s see whether the rally comes in the last hour or not. It is not that the market had run too much earlier.
Market: What next?
The market is not running on the biggest news. Constant brilliant news is coming. Fiis’s shorts are not afraid at all. Fiis are constantly selling in the market. Well, finally the market will run and big will run. But it is currently trapped in a range.
Talking about the strategy on the Nifty, Anuj Singhal said that for this there is the first resistance at 24,850-24,900 and the next major registration at 24,950-25,000. At the same time, the first support at 24,750-24,800 and the next big support on 24,650-24,700. Will have to see how the market stops today.
Describing his strategy on the Nifty Bank, Anuj Singhal said that the Nifty Bank created Open Highh today. Could not rally up to 54,500. For this, it is necessary to save 53,800-54,000.
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