INVESTMENT POINTS Sensex and Nifty close on Monday with corrections: Nifty futures to remain bullish at 24808 points

The streak of four consecutive days of decline was broken in the stock market on Monday. After closing with a 1000 point crash on Friday, the Sensex opened negative on Monday. Sensex and Nifty ended with gains as the market picked up speed in the trading session. A mixed trend was seen in the market with global eyes on the US Fed Reserve. After trading bearish in the initial session, Nifty finally managed to recover some of its losses. The Sensex closed down 376 points at 81559 points, while the Nifty futures index rose 79 points to close at 24985 points. While Bank Nifty future index closed at 51267 points with a jump of 486 points. Top gainers in today's trade include Shriram Finance, Indigo, Larsen, TVS Motors, Grasim, Mahindra & Mahindra, Muthoot Finance, Voltas, Kotak Bank, HDFC Bank, JSW Steel, ICICI Bank, Cipla, ITC, Bharti Airtel, Ambuja Cements, Glenmark Pharma. , stocks like Bata India, Axis Bank, Sun TV have increased. Today's top losers include Reliance, Lupine, Infosys, SBI Life, Tech Mahindra, Adani Ports, HCL Technology, Oberoi Realty. Out of a total of 4181 scrips traded on BSE, decliners were 2390 and gainers 1650, while 141 scrips were unchanged. While in 02 stocks there was an upper circuit of only buyer bullishness in 05 stocks against the bearish lower circuit of only sellers. NIFTY FUTURE TECHNICAL LEVELS NIFTY FUTURE CLOSE :- ( 24985 ) :- Next fluctuation is possible Nifty Future may touch 25088 points to 25108 points, 25188 points with respect to first important strong stoploss trading at 24808 points and 24676 points. Cautious positioning around 24808 points. BANK NIFTY FUTURE TECHNICAL LEVEL BANK NIFTY FUTURE CLOSE :- ( 51267 ) :- The next move is likely to see Bank Nifty Future touch the all-important level of 51008 points first and 50808 points from 51373 points to 51505 points, the all-important level of 51575 points. . Cautious positioning around 51575 points. Future Stock Specific Technical Level Godrej Properties (2883) :- The share price of this leading company of Godrej Group is currently trading around Rs.2844. Buyable with a stoploss of Rs.2820, this stock is likely to register a price of Rs.2909 to Rs.2919 in a short period of time…!! Bullish focus on Rs.2930…!! Muthoot Finance (1994) :- Positive breakout around Rs.1960 as per technical chart…!! Buyable with support of Rs.1944, this stock is likely to register a price of Rs.2008 to Rs.2028. Havells India ( 1902 ) :- According to the technical chart, this stock from the consumer electronics sector is likely to trade profitably around Rs.1940 with a target price of Rs.1888 to Rs.1874. Consider a trading stoploss of Rs.1955. Sun Pharma ( 1824 ) :- Registering overbought position around Rs.1848, this stock sellable with stoploss of Rs.1854..!! It is likely to show the price of Rs.1797 to Rs.1780 in a phased manner…!! Consider bullish above Rs.1860. FUTURE DIRECTION OF THE MARKET… FRIENDS GST COUNCIL MEETING IS GOING TO BE HELD TODAY ON 9TH SEPTEMBER. During this period, the most important issue will be GST on insurance premium. A group of ministers recommended rationalization of GST rate on insurance premium. If the GST Council headed by Finance Minister Nirmala Sitharaman decides to reduce GST, it will be a big relief news for consumers. The Fitment Committee may submit its report on Life Insurance and Health Insurance. This committee consists of officials from the center and states. Currently 18% GST is levied on health insurance. In the financial year 2023-24, the Center and the states earned Rs.8262 crore through health insurance premiums. Apart from this, Rs.1484 crore was received in premium on renewing health insurance. The impact on these figures if the GST comes down will also be discussed. The opposition, including Union Minister Nitin Gadkari and many MPs belonging to the government, have raised their voices on the issue. Nirmala Sitharaman said during the debate on the Finance Bill that 75% of the GST collection goes to the states. In such a situation, states have to come up with a proposal to reduce GST. However, he is open to change on some points. The author is a SEBI registered research analyst and proprietor of Investment Point.

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