WEEKLY EQUITY NEWSLETTER
23TH SEPTEMBER TO 27TH SEPTEMBER 2019
*The Finance Minister announced a sharp cut in corporate tax rates in India from the regular rate of 30 percent (plus surcharges adding up to 35%) to 22% (plus surcharges adding up to 25.2 percent) for all domestic companies. In addition, for new manufacturing companies incorporating after October 01, 2019, there will be a lower tax rate of 15 percent (17 percent with surcharge).
*Bigger companies are set to benefit more from the corporate tax cuts as the effective tax for them will come down by up to 28 percent. Smaller companies will be saving only up to 13 percent.
*Finance Minister Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually, which means a $20 billion booster to an economy that grew at the slowest pace in six-year in June quarter.
Maruti Suzuki share prices surged 10 percent in intraday trade on last week, the biggest rally in seven years, amid short covering in the beaten-down counter ahead of the GST Council meeting, which is to take up a proposal for tax cuts.
*The rupee strengthened against the US dollar on last week after Finance Minister Nirmala Sitharaman announced a slew of measures to boosting the economy. The rupee was up 45 paisa or 0.64 percent at 70.88 against the greenback.
*The Organisation for Economic Co-operation and Development (OECD) appears to be the most pessimistic on Indias economy among think tanks, as it cut the GDP growth forecast by 1.3 percentage points to 5.9 percent for 2019-20.
Domestic investor wealth soared by Rs 2.11 trillion in morning trade on Friday as equity market rallied following a slew of economy-boosting announcements by Finance Minister Nirmala Sitharaman. Take Benefit of the market takes Expert Stock Future Tips.
NIFTY TOP GAINERS/LOOSERS
Recommendation: - Nifty is VOLATILE at SUPPORT and making BUY so maybe NIFTY BUY ABOVE THE SUPPORT AREA.
CALL: NIFTY BUY ABOVE 11300 TGT 11400 TGT 11500 TGT 11600 SL 11150
BANK NIFTY FUT
Recommendation: - Bank Nifty is VOLATILE at SUPPORT and making BUY so maybe BANK NIFTY BUY AROUND THIS SUPPORT AREA.
CALL: BANK NIFTY BUY ABOVE 29000 TGT 29200 TGT 29400 TGT 29600 SL 28700
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY DMART ABOVE 1750 TGT 1780 TGT 1810 TGT 1840 SL 1705
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT AROON MAKE REVERSAL FROM SUPPORT AND MAKING A BULISH PATTEN, BUY IBULHSGFIN ABOVE 439 TGT 446 TGT 452 TGT 458 SL 432.50
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