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AU Small Finance and Bharat Electronics to take centrestage today

We are expecting consolidation in the Indian equities in medium-term

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The market ended negatively on Tuesday but the mid and small-cap shined during the day. For today if Nifty trades below 10175 for 15 minutes, expect further fall up to 10125-10075 level. On the upper side, 10285 will act as strong hurdle during the day.

Stocks likely to be in limelight today?

AU Small Finance Bank one can watch this stock for today with a stop loss of Rs 537 for an upper intraday target of Rs 560-565. Bharat Electronics Limited can be watched with a stop loss of Rs.86.5 for an upper target of Rs 93.5

Sectors likely to impact market today?

In the last two days, the Banking sector leads the market. We are expecting the rally to continue in this sector. Metal, Power and IT sectors can also remain in limelight.

Your mid-term view?

We are expecting consolidation in the Indian equities in medium-term. At present, our macros are not good but our micros are looking strong. We believe that our macros will improve in the next three-five months and around that time we will be in the election era. Hence, volatility and consolidation may be seen in the next six-eight months but the stock-specific move will continue.

What drove markets on Tuesday?

We saw strong numbers from some mid and small size companies and these stocks had already corrected. So, we have seen good value buying in the quality stocks from lower levels. Banking and IT stocks gave support to market while oil and gas stocks created pressure on the market.

Rahul Sharma, senior technical research analyst, Equity99

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