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IMF raises doubt over India’s tax revenue collection estimates for 2019-20 .

IMF raises doubt over India’s tax revenue collection estimates for 2019-20 .
August 23
05:28 2019
Vikash Sahay

Vikash Sahay

From Advisory Desk : Vikash Sahay

23- August 2019 Market Outlook : Global markets closed negative while Asian markets are trading flat . On the domestic front Yesterday market corrected and closed below previous low of 10780 which is sign of further weakening. FII’s have sold close to Rs 30000 Cr since announcement of surcharge on FPI’s in the budget.

Motilal Oswal

Markets are feeling the pinch of Slowdown in economy and with no stimulus from the government the sentiment is getting bearish every passing day. Outlook for the day remains weak and any pullback would be an opportunity to exit or sell at higher levels. Going ahead markets would face resistance around 10950-11000.

Global market:
DOW: +50
SGX NIFTY: -3
NIFTY 50 : 10741
Sensex : 36473

Institution:
FII: -903 Cr
DII: +1719 Cr

Currency:
Dollar: 71.93

Commodity:
Gold: $1505 per ounce
Crude: $60.07 per barrel

Bonds:
10 year US bond rate: 1.61
10 year Indian Bond rate: 6.55

Updates :

Chief Economic Advisor stated that it would be Moral Hazard To Use Taxpayers’ Money For Industry Stimulus .This comes just 2 weeks after industry leaders met FM for a financial stimulus to boost slowing Indian economy.

Amazon will acquire 49 percent stake in Future Coupons, a Future Group entity that holds minority stake in Future Retail

IMF raises doubt over India’s tax revenue collection estimates for 2019-20 .

Aurobindo Pharma gets US FDA nod for anti-bacterial antibiotic, Minocycline Hydrochloride tablets (45-135 mg)

Derivative View – VIX closed at 17.84. Call writing at 10800 then 10900 strike while Put writing is at 10700 then 10500 strike. Option data suggests a trading range between 10600 to 10900.

Vikash Ranjan Sahay, Founder & CEO , Value Management Solution P Ltd, (Exclusive Business Partner of MotiLal Oswal)

Mr. Vikash Sahay can be contacted at +91 9471133334

Nifty is expected to be in range of 10850 to 11000. Outlook for today

 

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