Morning Mantra ( 05.08.16 --- 9.00 AM )

Markets are riding on the success of passing of the GST bill. However, the real implications can only be derived after the tax rates are announced in 2/3 months. Nifty however has an extremely strong resistances at the levels of 8650/8700. If these levels are crossed, the next resistances will be around 8900. Bulls are still buoyant as the support of 8450 were not broken which is a good sign for the overall markets. The world market conditions are also looking stabilized.
Overall, one may still hold the stocks and keep target of profit booking by 8800. However, the markets are looking over bought and chances of sharp profit booking cannot be ruled out. Profit booking may also cause some panic selling. One needs to be cautious and book profits if the risk appetite is not very strong.

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