26 Jul 2024 - Nifty rallies 651pts ~ 2.69%, stance is long now
Nifty Stance Bullish ⬆️
Nifty is up 324pts ~ 1.32% this week. Markets fell on the 19th and then the weakness continued till Thursday. What happened today, 26th surprised everyone as Nifty recovered 1.76% ~ 428pts to hit a new ATH of 24861.
We had a poor budget, wherein the short term capital gains (STCG), long term capital gains (LTCG) and the Security Transaction Tax (STT) were increased. If we were any other country like the US, the markets would have fallen 10 to 15% as increasing the taxes usually does not bode well with the investing community. Still, Nifty being Nifty and India being India - we went up to hit an all time new highs.
STCG goes up from 15% to 20% ie an increase of 33%
LTCG goes up from 10% to 12.5% ie an increase of 25%
STT on Futures Trading goes up from 0.01% to 0.02% ie an increase of 100%
STT on Options Trading goes up from 0.0625% to 0.1% ie an increase of 100% ie an increase of 60%
source1, source2, source3
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The intraday rally today was a whopping 651 pts ~ 2.69%. We had a neutral call last week, this has been negated and now the stance looks bullish.
We are pretty close to hitting the historical mark of 25000 points. The only thing the bears are taking home is pain. The unstoppable force of Nifty is posing an existential threat to the bears, I am one of them 😢.
Nifty is up 324pts ~ 1.32% this week. Markets fell on the 19th and then the weakness continued till Thursday. What happened today, 26th surprised everyone as Nifty recovered 1.76% ~ 428pts to hit a new ATH of 24861.
We had a poor budget, wherein the short term capital gains (STCG), long term capital gains (LTCG) and the Security Transaction Tax (STT) were increased. If we were any other country like the US, the markets would have fallen 10 to 15% as increasing the taxes usually does not bode well with the investing community. Still, Nifty being Nifty and India being India - we went up to hit an all time new highs.
STCG goes up from 15% to 20% ie an increase of 33%
LTCG goes up from 10% to 12.5% ie an increase of 25%
STT on Futures Trading goes up from 0.01% to 0.02% ie an increase of 100%
STT on Options Trading goes up from 0.0625% to 0.1% ie an increase of 100% ie an increase of 60%
source1, source2, source3
---
The intraday rally today was a whopping 651 pts ~ 2.69%. We had a neutral call last week, this has been negated and now the stance looks bullish.
We are pretty close to hitting the historical mark of 25000 points. The only thing the bears are taking home is pain. The unstoppable force of Nifty is posing an existential threat to the bears, I am one of them 😢.
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