DHFL, Tata Steel, Manappuram may trade with negative bias

1. Bull market or bear marke todayt?  

After hitting 11800-11850, the benchmark was impacted by crude and currency. Every swing high makes a divergence on RSI, which shows the weak strength on every rise.

2. Stocks likely to be in limelight today?

DHFL, Jindal Steel, L&T Finance Holdings, Tata Steel, Manappuram, McDowell, Chola Finance and Adani Enterprises are likely to trade with negative bias.

3. Sectors likely to impact market today?

Oil and gas, power, metals and financials, especially non-banking finance companies and public sector banks. 

4. Your mid-term view?

Benchmark Nifty50 index is forming a divergence related to RSI. Support lies at 11550, which is the key support level. If we strongly break 11550-level with increased volumes, then we see more downside in the near term.

5. What drove markets on Monday?

Banking, oil and gas (especially Reliance Industries), financials (HDFC and HDFC Bank) put pressure. IT is the only sector which will hold or support from a massive fall.

Abhijeet Bajpai, co-founder, Avighna Trades