HDFC, Pidilite, Federal Bank likely to be in limelight today

1. Bull market or bear market today?

The market may remain sideways to bullish if Nifty manages to hold 11500 mark while if it surrenders 11500 then bears will dominate.

2. Stocks likely to be in the limelight today?

Federal Bank and HDFC AMC will post their first quarter results today. Other than these, some quality housing sector related stocks like HDFC, Pidilite, cement counters are attractive.

3. Sectors likely to impact market today?

The Nifty IT index may continue to do well while the metal counter may catch up momentum as there is an expectation of fiscal stimulus in China. On the other side, banking index is trading at its make or break level of 30300, a decisive move from here will impact the overall market direction.

4. Your mid-term view?

11500-11450 is a critical demand zone for Nifty. If Nifty manages to hold this zone then we can expect a bounceback while 11620-11650 zone is acting as a supply zone. A decisive move from this zone can lead a short covering rally towards 11775 while a decisive move below 11500 will open the doors for 11300 levels, which would be the best buying opportunity.

Amit Gupta, co-founder & CEO, Trading Bells