The S&P BSE Sensex and Nifty posted yet another all-time high on Monday but traded in a very bound range ahead of the RBI policy meeting which is scheduled on Wednesday this week.
The market is heading northwards as there is no divergence which is seen on the charts so far which suggests there is still some moderate upside over the short-term.
The market is likely to touch upper levels near 9,700-9,720 in the coming sessions post then some profit taking on the higher levels could be expected. Traders should trade with caution as the market is heading into the overbought zone.
One should wait for a clear indication of reversals on the charts before they go fresh short of start booking their profits.
The research firm believes that the June quarter could see a disruption, but will be short lived due to GST. The rates offer relief for cigarette companies, jewellers, and branded garment companies. The tax rates will also go down for soaps, toothpaste and detergent bars, it said in its report. As expected, telecom services will be negatively impacted, the brokerage said in its report. Multiplexes and light electricals will see tax rates rise post GST, it observed. Having said all of this, CLSA sees a small probability of a delay in GST roll out to September.
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