Tata Group Stock To Buy/Sell Today: Market Trading Guide By VLA Ambala On Tuesday, 10th September

In the latest market session, metal stocks were under pressure due to a slump in iron ore prices. Following a gap-down opening on Monday, the metal and energy sectors struggled to bounce back from the session. On the other hand, the banking sector displayed resilience amid the ongoing discussions around the 18% GST on payment aggregators for small transactions under Rs. 2000.

As per V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), we must understand that as digital payments become increasingly popular, exempting small businesses from GST would help reduce banking costs and encourage financial inclusion, especially in the unorganized retail sector. If the government decides to make such GST-free payments, it will provide relief to banks by reducing their operating costs. Despite a widening trade deficit and high inflationary pressure, the 54th GST Council meeting declared a net growth of 6% in GST collections. Notably, in just August, Rs. 24,460 crore in refunds were issued, when the net collections amounted to Rs 1.5 lakh crore, up 6% from the year-ago month.

However, India's decision to leave RCEP could raise production costs, affecting global competitiveness. While this move may yield long-term benefits, the immediate focus should be supporting exports to address the trade deficit. Being a developing nation, we rely heavily on the US and the UK for many essential supplies. However, both are currently struggling with unemployment and inflationary pressure. While the markets await the Fed's decision, volatility has been reflected in the Nifty index. On Friday, the index recorded a flat to negative bias opening and traded within a 150-range. By the end of the day, the index closed with a gain of 0.40%, and the small-cap index recovered during intraday. Sectors like FMCG and the private banking sector emerged as leaders.

"The impact of the GST Council meeting was also evident across Bank NIFTY stocks, which closed with a 1% gain. Notably, the Banknifty index formed a Piercing Line candlestick pattern at a daily timeframe closing to its 20 and 50-day EMAs with RSI at 50. Meanwhile, India VIX plunged by 6.50%. I believe that in this condition if the price gives a strong closing above the pattern high, which was also August's closing, Bank Nifty may continue its upside movement. However, the US Fed rate decision would impact its movement and price sustainability in the coming weeks," VLA Ambala added.

Market Overview for 10 September 2024, Tuesday

"For the Nifty index, the key support levels for today's trading session will be between 24,970 and 24,720 whereas resistance will likely be between 25,050 and 25,180. On the other hand, the Bank Nifty Index could find key support between levels 50,940, 50,700, or 50,340, and witness 51,340 and 51,700, acting as their major resistance points," VLA Ambala predicted.

Stock to Checkout on 10 September 2024, Tuesday

VLA Ambala has guided us to trade this Tata group stock today. Check technical details here.

TATAELXSI

• Buy: Rs. 7600-7750
• Target: Rs. 8250-10000
• Stop Loss: Rs. 7200
• Holding Period: 2-10 Weeks

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, and technical analysis.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.