Government May Exempt FPIs from Super-Rich Tax

August 23, 2019

India may quickly roll back an additional levy on foreign funds and announce other measures to boost economic growth, said a government official.
As per the official report, Prime Minister Narendra Modi’s administration is finalizing a package to reverse the economic slowdown and also asking not to be identified as a decision is yet to be announced. Key among them is a likely exemption to foreign portfolio investors from a tax on super-rich announced in the budget.
Finance Minister Nirmala Sitharaman, has a plan to increase the effective tax rate on individuals with a taxable annual income of above 20 million rupees ($283,000) by about 3%, and for those earning above 50 million rupees by 7%. Later this month, plans to exempt Foreign Portfolio Investors, who became an unintended target of the move.
The tax proposal, along with a lack of measures to boost the economy in the July 5 budget, led to foreigners withdrawing more than $3 billion from Indian shares, putting pressure on stocks and the rupee.
FPIs had registered as trusts may consider the option of registering as companies to escape the higher tax, said by Sitharaman. However, the conversion would have required several changes to the tax law.
Read EquityPandit’s Nifty Outlook for the Week

INDEX OUTLOOK MARKET OUTLOOK NIFTY PHARMA

NIFTY PHARMA Outlook for the Week (June 03, 2024 – June 07, 2024)

CRON USERMay 31, 2024

May 31, 2024

NIFTY PHARMA closed the previous week on a negative note losing 3.52%.

Technically, NIFTY PHARMA share price will see immediate support at 18,547.43 and immediate resistance would be seen at 19,230.08.

If NIFTY PHARMA share price closes below immediate support of 18,547.43, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,298.57 for the week.

On the positive side, immediate resistance will be seen at 19,230.08. Closing above 19,230.08, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,663.87 for the week.

Trading range for NIFTY PHARMA share price for this week should be between 17,864.78 on down side and 19,912.73 on up side.

NIFTY PHARMA Previous Week High: 19415

NIFTY PHARMA Previous Week Low: 18732.35

NIFTY PHARMA Previous Week Range: 682.65 Points

NIFTY PHARMA share price support and resistance for the week (June 03, 2024 – June 07, 2024)

Level Type	Value
Resistance 3	19,912.73
Resistance 2	19,663.87
Resistance 1	19,230.08
Support 1	18,547.43
Support 2	18,298.57
Support 3	17,864.78

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INDEX OUTLOOK MARKET OUTLOOK NIFTY PHARMA

NIFTY PHARMA Outlook for the Week (May 27, 2024 – May 31, 2024)

CRON USERMay 24, 2024

May 24, 2024

NIFTY PHARMA closed the previous week on a negative note losing 2.20%.

Technically, NIFTY PHARMA share price will see immediate support at 18,935.13 and immediate resistance would be seen at 19,363.03.

If NIFTY PHARMA share price closes below immediate support of 18,935.13, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,750.77 for the week.

On the positive side, immediate resistance will be seen at 19,363.03. Closing above 19,363.03, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,606.57 for the week.

Trading range for NIFTY PHARMA share price for this week should be between 18,507.23 on down side and 19,790.93 on up side.

NIFTY PHARMA Previous Week High: 19422.2

NIFTY PHARMA Previous Week Low: 18994.3

NIFTY PHARMA Previous Week Range: 427.9 Points

NIFTY PHARMA share price support and resistance for the week (May 27, 2024 – May 31, 2024)

Level Type	Value
Resistance 3	19,790.93
Resistance 2	19,606.57
Resistance 1	19,363.03
Support 1	18,935.13
Support 2	18,750.77
Support 3	18,507.23

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INDEX OUTLOOK MARKET OUTLOOK NIFTY PHARMA

NIFTY PHARMA Outlook for the Week (May 20, 2024 – May 24, 2024)

CRON USERMay 17, 2024

May 17, 2024

NIFTY PHARMA closed the previous week on a negative note losing 2.11%.

Technically, NIFTY PHARMA share price will see immediate support at 18,733.58 and immediate resistance would be seen at 19,134.63.

If NIFTY PHARMA share price closes below immediate support of 18,733.58, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,485.57 for the week.

On the positive side, immediate resistance will be seen at 19,134.63. Closing above 19,134.63, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,287.67 for the week.

Trading range for NIFTY PHARMA share price for this week should be between 18,332.53 on down side and 19,535.68 on up side.

NIFTY PHARMA Previous Week High: 19039.65

NIFTY PHARMA Previous Week Low: 18638.6

NIFTY PHARMA Previous Week Range: 401.05 Points

NIFTY PHARMA share price support and resistance for the week (May 20, 2024 – May 24, 2024)

Level Type	Value
Resistance 3	19,535.68
Resistance 2	19,287.67
Resistance 1	19,134.63
Support 1	18,733.58
Support 2	18,485.57
Support 3	18,332.53

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INDEX OUTLOOK MARKET OUTLOOK NIFTY PHARMA

NIFTY PHARMA Outlook for the Week (May 13, 2024 – May 17, 2024)

CRON USERMay 10, 2024

May 10, 2024

NIFTY PHARMA closed the previous week on a negative note losing 4.48%.

Technically, NIFTY PHARMA share price will see immediate support at 18,254.07 and immediate resistance would be seen at 19,117.42.

If NIFTY PHARMA share price closes below immediate support of 18,254.07, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 17,898.68 for the week.

On the positive side, immediate resistance will be seen at 19,117.42. Closing above 19,117.42, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,625.38 for the week.

Trading range for NIFTY PHARMA share price for this week should be between 17,390.72 on down side and 19,980.77 on up side.

NIFTY PHARMA Previous Week High: 19270

NIFTY PHARMA Previous Week Low: 18406.65

NIFTY PHARMA Previous Week Range: 863.35 Points

NIFTY PHARMA share price support and resistance for the week (May 13, 2024 – May 17, 2024)

Level Type	Value
Resistance 3	19,980.77
Resistance 2	19,625.38
Resistance 1	19,117.42
Support 1	18,254.07
Support 2	17,898.68
Support 3	17,390.72

.d-none{display:none};

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INDEX OUTLOOK MARKET OUTLOOK NIFTY PHARMA

NIFTY PHARMA Outlook for the Week (May 06, 2024 – May 10, 2024)

CRON USERMay 3, 2024

May 3, 2024

NIFTY PHARMA closed the previous week on a negative note losing 1.70%.

Technically, NIFTY PHARMA share price will see immediate support at 18,959.12 and immediate resistance would be seen at 19,287.42.

If NIFTY PHARMA share price closes below immediate support of 18,959.12, then sharp breakdown can be seen. NIFTY PHARMA share price will see major support at 18,784.83 for the week.

On the positive side, immediate resistance will be seen at 19,287.42. Closing above 19,287.42, NIFTY PHARMA share price will see a sharp breakout. Major resistance for NIFTY PHARMA share price will be seen at 19,441.43 for the week.

Trading range for NIFTY PHARMA share price for this week should be between 18,630.82 on down side and 19,615.72 on up side.

NIFTY PHARMA Previous Week High: 19267.15

NIFTY PHARMA Previous Week Low: 18938.85

NIFTY PHARMA Previous Week Range: 328.3 Points

NIFTY PHARMA share price support and resistance for the week (May 06, 2024 – May 10, 2024)

Level Type	Value
Resistance 3	19,615.72
Resistance 2	19,441.43
Resistance 1	19,287.42
Support 1	18,959.12
Support 2	18,784.83
Support 3	18,630.82

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