Market indices ended nearly 1% lower, amid weak global cues, with FMCG major ITC leading the decline on worries that post the proposed amendments to the GST Bill would result in higher effective tax rate for the company. Investors are awaiting the outcome on the Goods and Services Tax (GST) constitutional amendment bill in Parliament. According to reports, the long-pending GST Bill is listed for consideration and passage in Rajya Sabha today amidst strong indications that the most far-reaching taxation reform would be supported by Congress and all other major political parties. The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12, 2016. The Sensex ended down 284 points at 27,698 and the Nifty50 slipped 78 points to settle at 8,545.
The technical chart shows Bullish trend for the tomorrow’s trading session. Nifty will face resistance at the level of 8640 and 8690, while the support levels will be at 8520 and 8470. Buy on Dip approach would be best for the investors.
Best Stocks to Buy Tomorrow (Thursday): 4th August
BUY JAYBARMARU ABOVE 161.60 TARGET 163.20, 164.80, 166.40 STOPLOSS 158.40
BUY DELTACORP ABOVE 111.50 TARGET 112.50, 113.50, 114.50 STOPLOSS 109.50
SELL HEG BELOW 160 TARGET 158.40, 156.80, 155.20 STOPLOSS 163.20