Earlier, the Centre had proposed a two-slab GST structure that could bring widespread relief to consumers and streamline indirect taxation in a move that could be the most significant overhaul of the Goods and Services Tax regime since its rollout in 2017.
The Centre is considering a major overhaul in the GST structure for automobiles, proposing a new categorisation based on engine capacity rather than vehicle type.
This could pave the way for lower tax rates on small cars and the elimination of the current, often confusing, definition of SUVs under GST.
The overall sentiment of the NSE Nifty 50 is likely to favour bullish trades as long as the index holds above 24,337, according to Rupak De, senior technical analyst at LKP Securities.
"On the higher side, resistance is placed at 24,660 and 24,850, while a fall below 24,337 could trigger a resumption of the bearish trend," he said.
For short-term traders, 24,500 will act as a key support zone. As long as the market trades above this level, the bullish sentiment is likely to continue, according to Amol Athawale, vice president of technical research at Kotak Securities.
Nifty August Futures down by 0.17% to 24,685 at a premium of 54 points.
Nifty August futures open interest down by 0.66%
Nifty Options Aug. 21 Expiry: Maximum Call open interest at 25500 and Maximum Put open interest at 22600
Securities in Ban Period: PGEL, PNB Housing, RBL Bank, Titagarh.
The GIFT Nifty was trading near 24,900 early on Monday. The futures contract based on the benchmark Nifty 50 was up 1% at 24,901 as of 7:10 a.m., indicating a positive start for the Indian market.
The benchmark equity indices closed flat on Thursday, Aug. 14. Shares of Wipro, Eternal and HDFC Life contributed positively to the index. The NSE Nifty 50 had ended 11.9 points or 0.05% higher at 24,631.3 and the BSE Sensex ended 57.7 points or 0.07% up at 80,597.6.
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