Nifty, Sensex To Remain Rangebound Despite GST Boost? Here Is What SEBI RAs Have To Say

On Thursday, markets opened strong following the GST cuts but saw selling pressure as FIIs dumped shares worth ₹106 crore, even as domestic investors bought in. Sectors such as FMCG, auto, cement, consumer durables, and QSR slipped from intraday highs, said SEBI-registered analyst Prabhat Mittal.

GST reforms remain a key theme, with rate cuts (28% to 18%, 12% to 5%) expected to support consumption. QSR players like Deviyani and Sapphire are in focus after GST on bread/paneer items was removed, while drone-related stocks such as Idea Forge and Bharat Forge stand to gain from lower GST on commercial drones, he said.

According to the analyst, Nifty has support at 24,650 - 24,500 and resistance at 24,850 - 25,000, with 24,700 as a key level to hold. Bank Nifty is range-bound between 53,500 and 54,750, with 54,000 as a pivot.

Unexpected Market Move Post GST Notice

The market’s reaction to the GST rate cut has been puzzling. While most expected it to be positive, the day’s decline after a gap-up opening raises doubts, said SEBI RA Bharat Sharma.

Normally, some profit booking is acceptable, but the lack of recovery suggests deeper concerns. If every sector remains weak, it hints that the GST cut decision may have underlying factors not fully understood yet, Sharma said.

Technically, the market closed below the negative trendline again, so the broader view and strategy remain unchanged.

For intraday, support is placed at 24,700, and a breakdown could push levels towards 24,650 - 24,600 - 24,560, while resistance stands at 24,770, with a move above that opening room for 24,840, 24,920, and 25,000, respectively, the analyst added.

Key Levels For Friday

Immediate support for Nifty is placed at 24,580, while resistance is seen near 25,020, said SEBI RA Prabhat Mittal.

Bank Nifty will find support around 53,700 while facing resistance at 54,500, he added.

For intraday trading, the Nifty faces resistance in the 24,738-24,800 band and has support between 24,461 and 24,490, according to SEBI RA A&Y Market Research.

Bank Nifty’s resistance lies at 54,177 - 54,248, while support is placed between 53,495 - 53,660, they added.

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