IT, Pharma, Auto, Metals and Banking likely to see some rally

Bull market or bear market?

Nifty has provided a breakout from the Symmetrical Triangular pattern which is a bullish pattern. The momentum indicator MACD has come well into buy mode on the daily charts from the zero reference line which is also a positive thing in the short term. We recommend buying nifty for the target of 10930 and 10970 and 11200 levels with a stop loss of 10770 levels

Stocks likely to be in limelight today?

Voltas, Persistent, Powergrid, Wockhardt Hindzinc and Justdial are likely to trade with a positive bias.

Sectors likely to impact market today?

IT, Pharma, Auto, Metals and Banking are likely to see some rally in this week. So, in nutshell there is going to be overall participation in the markets, hence the breadth in the market is going to improve

Your mid-term view?

In the medium term, the Nifty seems to be trading in a wave five up of a minor degree wherein the wave II of wave five has seen a symmetrical triangular consolidation. Now, with the breakout from this triangular pattern, the index is very much likely to form a fresh lifetime high i.e. minimum 11200 levels on the upside whereas 10770 being an immediate support and 10650 being a medium-term reversal.

What drove markets on Monday?

Nifty IT and Bank were the leaders.

Jay Anand Thakkar, CMT- assistant VP, Equity Research, Anand Rathi