Banking, metal and some midcap stocks to be in limelight today

Bull market or bear market?

A couple of days before, Nifty gave a breakout from 'Bullish Pennant' pattern and it registered a new all-time high yesterday. The bullish momentum is expected to continue in today's session too.

Stocks likely to be in limelight today?

Stocks like HDFC Ltd, Bata India, Reliance Industries and M&M Fin may see buying an interest in coming days.

Sectors likely to impact market today?

We are expecting an up move in Metal, Banking and some mid-cap counters. While selective stocks from IT and Pharma space may see some selling pressure.

Your mid-term view?

Rollovers are quite strong in both Nifty and Bank Nifty. The ongoing optimism may continue towards 10400 – 10450 levels. Thus, we are maintaining our bullish stance on Nifty.

What drove markets on Thursday?

Banking counters, mainly PSU Banks, were the centre of attraction throughout the day. Bullish rollovers and strength in the Indian currency against the US Dollar too supported the rally.

Jay Purohit, technical & derivative analyst, Centrum Broking