IT sector likely to outperform

Bull market or bear market?

Bull market ahead as the Index has broken the consolidation on the upside and the short term target comes to 11200 and thereafter 11400 levels. On the lower side, the support exists at 10800 levels and till these levels are the held the bulls have an upper hand.

Stocks likely to be in limelight today?

Mindtree, Tata Elxsi, YES Bank are likely to trade with a positive bias.

Sectors likely to impact market today?

IT sector still looks bullish and it is likely to outperform the Nifty in the short-term.

Your mid-term view?

The index is likely to trade with a positive bias wherein 10800 is an immediate support whereas 11200 is the resistance. So, the range for the remaining July series seems to be of this 400 points i.e. 10800-11200.

What drove markets on Monday?

Metals, Pharma and Auto traded weak whereas IT traded with a positive bias. The market breadth was absolutely in favour of the bears, however, this profit booking has come on account of high PCR ratio which has climbed above 1.70.

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