Metal sector is expected to bounce

Bull market or bear market?

Nifty has closed in an inside range over the previous day candle and either side breakout would give a swift move of 2% on the index.

Stocks likely to be in limelight today?

Banking stocks could be in focus with respect to weekly expiry. HDFC Bank, Federal Bank and RBL Bank to be in focus. While buying could be witnessed in Vedanta and Tata Steel from the metals pack.

Sectors likely to impact market today?

Banks would remain in focus with positive momentum and Metals is expected to bounce from oversold levels.

Your mid-term view?

The trend reversal levels will be 10700, below which the monthly candle would turn negative and put pressure on index pivotals. On the higher side, crossover of 10850 expects midcaps and small caps to outperform the broader markets.

What drove markets on Wednesday?

Nifty withhold the previous day low of 10700 levels and traded positive to close near the high point of the day. Private banks lead the positive momentum followed by Metals and Realty index which were all up by 1%.

Vikas Jain, senior technical analyst, Reliance Securities