BUDGET is behind us now •
and the biggest take away for markets from yesterdays budget was the substantial increase in short and long term capital gains taxes.
where the long term capital gains tax has been increased by 25% from what it was,
and,
the short term capital gains tax has been increased by whopping 33% from what it was.
STT too have been increased significantly.
So if you are a professional trader or an investor in INDIAN MARKETS then these revised taxes are going to hit you very badly.
but if you are someone who does not approach this market professionaly then you are not going to understand that what it actually means.
Anyways lets move on and discuss NIFTY.
As discussed earlier level of 24000 on NIFTY spot is going to be a significant support which if breaks is going to put the entire market under deep pressure.
but as long as thats holding its all fine.
On downside 24250 is a near term pattern support once that breaks index should also break yesterdays low of 24074 as well looking at NIFTY BANK it should only be a matter of time before 24000 breaks on NIFTY.
24000 is such a strong support that, index would require a overnight gapdown to break that.
Lets see.
gann,insides 