LIC Housing Finance, Tata Steel, YES Bank may see further correction

Bull market or bear market?

The bearish momentum of Wednesday is expected to continue in today’s session too. We may see a fall towards 10350 – 10320 in Nifty.

Stocks likely to be in limelight?

We may see further correction in stocks such as LIC Housing Finance, Tata Steel and YES Bank. Stocks such as ITC, NIIT Tech and Exide Industirs are likely to do well in upcoming days.

Sectors likely to impact market?

Auto, realty and private banking space may remain in red in coming days too. On the other hand, one should look for buying opportunities in Pharma counters on dips.

Your mid-term view?

This is a sell on rally market and we continue to maintain our negative stance on Nifty for the target of 10200 – 10150.

What drove markets on Wednesday?

Sharp correction in NBFC and auto space dragged the benchmark indices lower.

Jay Purohit, technical and derivatives analyst, Centrum Broking