Friday, July 26, 2024

STT, LTCG, and STCG increased by FM in the budget, 2024

By rkarora on July 26, 2024

I never expected that the budget 2024 would increase STT charges and capital gains charges. I was bullish for this week but after this surprise news, Indian equity indices and stocks tanked from the weekly trend decider to the 2nd support level or even a few to the final support. As time passed investors recovered from the shock and turned bullish again. On the last trading day of the week, most of the Indian stocks and indices recovered very aggressively.

This time again, I posted a projected chart for the budget week. The soul of both charts, projected and the real is the same.

Real chart of the budget week. Very close to the projected chart. Picked the real chart from the first big red candle as in the projected chart and the rest is the same, only upward as projected. #Nifty50 #budget #forecast #forecasting https://t.co/rArXkPYmJh pic.twitter.com/sdNAjjHNYU

— R K Arora (@RkaJmc) July 26, 2024

This time it is not 100% the same. What I imagined in a day reflected in 3-4 days. I am satisfied and happy about my projection. Why is it so? The bullishness in the real chart could match the projected chart despite a tough decision announced by the FM in the budget.

This is my 4th or the 5th attempt to forecast the day movement of the Nifty 50 on the budget day. Every time I get more convinced about the forecasting method.

Feb 2024 details of forecasted and projected chart