Rumours are prevailing in market that govt may tinker LTCG Tax and we will ask govt to first remove agriculture income tax free status as max top end cars are bought in Punjab in name of tax free status of agriculture. By tinkering with LTCG and adding that income to your taxable income will reduce saving habit. One fails to understand that which is the source as govt has denied it and it is a reasonable assumption that why govt will make such loose statements before the election year. Such type of rumour mongers should be brought to book as it leads to unnecessary volatility in the market. Can it be the short sellers who spread such rumours to bring down the market so that they can cover their shorts.
We got a dip we wanted though some is left. The beauty of newsflow is "when the markets have to fall, bad news come in and vice versa. We are clearly in sell on rise mode. The dark Horse would be Bank nifty. The last 2 weeks have been good for us in terms of trades and we plan to continue this week also.
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Nifty 50. Support is the same. 17540 and resistance at 17760. Spot values.
BankNifty. Support has climbed higher but is weaker. 41850 to 42600 is the range.
Sell on rise.
