Nifty Scales New High, As Govt Slashes GST Rates On FMCG Goods


Nifty futures rallied by 100 points in today’s trading session. The reduction in GST rates is expected to boost consumer confidence in select FMCG space. This rate cut will also render several FMCG products cheaper and the benefits will be directly passed on to the public. Household items like refrigerators, washing machines, vacuum cleaners, shavers, juicers, sanitary pads, perfumes, deodorants and mass-segment footwear are likely to get cheaper by 7-10%. In the words of Manish Sharma, CEO of Panasonic India, “the market is now expected to grow by 7-10% this year as compared to 3.7% last year”. The nearest target for Nifty is around its upper Bollinger band (11148 approx)

Stocks Under The Scanner
In today’s trade UPL share price rose 15.52%, while Vedanta share price was also up 4.10 %. TVS motors shares were down 3.79%



The Outlook for 24th July 2018
Daily Chart Levels
In today’s trading session, Nifty took the support of its 5 DMA (11008 approx). The index closed above its 5 DEMA high (11085 approx) and is likely to find its next resistance zone around its upper Bollinger band (11148 approx). However if Nifty breaks and trades below its 10 DMA (10988 approx), it will see profit booking and find its next support zone around 15 DMA (10900 approx).



Hourly Chart Levels
In the hourly trading session, the Nifty share price has closed around its hourly upper Bollinger band (11085 approx). The index is likely to find its first major support around its 50 HMA high (10995 approx). However if Nifty breaks and trades below its 100 HMA (10950 approx), it will find its next support around its hourly lower Bollinger band (10930 approx).





The Outlook For 24th  July 2018
Bank Nifty Daily Chart Levels
In today’s trade, Bank Nifty share price closed below its 5 DEMAhigh (27008 approx). The index is likely to find a stiff round of resistance around its upper Bollinger band (27193 approx). Bank Nifty will find its nearest support around its 5  DMA (26910 approx). 



Bank Nifty Hourly Chart Levels
In the hourly trading scenario, Bank Nifty share price took the support of its 5 HEMA high ( 26980 approx). The index will find its nearest support around its 10 HMA ( 26900 approx). If Bank Nifty breaks and trades below its 100 HMA (26840 approx) it will find its next support around its lower Bollinger band (26760 approx).





Large Cap, Mid Cap & Small Cap Gainers







GLOBAL PERSPECTIVE


The Dollar Index and the US 10 year treasury yield are trading unchanged. 



Most of the Global currencies are trading unchanged compared to their previous close.
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The Indian markets cheered the GST Councils decision to reduce the goods and services tax on more than 50 FMCG items and Nifty futures rallied by 100 points in today’s trading session. The reduction in GST rates is expected to boost consumer confidence in select FMCG space. This rate cut will also render several FMCG products cheaper and the benefits will be directly passed on to the public. Household items like refrigerators, washing machines, vacuum cleaners, shavers, juicers, sanitary pads, perfumes, deodorants and mass-segment footwear are likely to get cheaper by 7-10%. In the words of Manish Sharma, CEO of Panasonic India, “the market is now expected to grow by 7-10% this year as compared to 3.7% last year”. The nearest target for Nifty is around its upper Bollinger band (11148 approx)

Stocks Under The Scanner
In today’s trade UPL share price rose 15.52%, while Vedanta share price was also up 4.10 %. TVS motors shares were down 3.79%



The Outlook for 24th July 2018
Daily Chart Levels
In today’s trading session, Nifty took the support of its 5 DMA (11008 approx). The index closed above its 5 DEMA high (11085 approx) and is likely to find its next resistance zone around its upper Bollinger band (11148 approx). However if Nifty breaks and trades below its 10 DMA (10988 approx), it will see profit booking and find its next support zone around 15 DMA (10900 approx).



Hourly Chart Levels
In the hourly trading session, the Nifty share price has closed around its hourly upper Bollinger band (11085 approx). The index is likely to find its first major support around its 50 HMA high (10995 approx). However if Nifty breaks and trades below its 100 HMA (10950 approx), it will find its next support around its hourly lower Bollinger band (10930 approx).





The Outlook For 24th  July 2018
Bank Nifty Daily Chart Levels
In today’s trade, Bank Nifty share price closed below its 5 DEMAhigh (27008 approx). The index is likely to find a stiff round of resistance around its upper Bollinger band (27193 approx). Bank Nifty will find its nearest support around its 5  DMA (26910 approx). 



Bank Nifty Hourly Chart Levels
In the hourly trading scenario, Bank Nifty share price took the support of its 5 HEMA high ( 26980 approx). The index will find its nearest support around its 10 HMA ( 26900 approx). If Bank Nifty breaks and trades below its 100 HMA (26840 approx) it will find its next support around its lower Bollinger band (26760 approx).





Large Cap, Mid Cap & Small Cap Gainers







GLOBAL PERSPECTIVE


The Dollar Index and the US 10 year treasury yield are trading unchanged. 



Most of the Global currencies are trading unchanged compared to their previous close.
 
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