Glenmark, Sun Pharma, IndusInd, SBI likely to be in limelight today

1. Bull market or bear market today?

Nifty formed a 'Double Bottom' pattern on intraday chart and started rebounding. The ongoing bounce may continue towards 11630 – 11650 levels.

2. Stocks likely to be in limelight today?

Stocks like Glenmark, Sun Pharma, IndusInd Bank, Power Grid and SBI may show further strength in coming days.

3. Sectors likely to impact market today?

Nifty Pharma index completed a 'Bullish Wolfe Wave' pattern on weekly time scale and expected to do well in upcoming sessions.

4. Your mid-term view?

Nifty breached its strong support of 11600 – 11630 and formed a 'Lower Top Lower Bottom' on daily chart, which is a negative sign for the index. Looking at overall chart structure and derivatives data, we are expecting a correction in Nifty towards 11300 mark.

5. What drove markets today?

Yesterday, market moved up on back of broad-based buying interest as all sectoral indices ended well in positive territory.

Jay Purohit, Technical and Derivatives Analyst, Centrum Broking