Mindtree, Cipla, Wipro, UPL likely to be in focus today

1. Bull market or bear market?

Bull Market as the index seems to have completed a five wave declining structure on the hourly charts, hence a retracement till 10990 levels is expected.

2. Stocks likely to be in limelight today?

Mindtree, Cipla, Wipro and UPL look good whereas Chennai Petro, Castrol (I) look weak.

3. Sectors likely to impact market today?

IT, Pharma, FMCG and Banking on the upside whereas Auto and Metals may remain weak.

4. Your mid-term view?

Nifty has formed a bearish wedge pattern and it has reversed from 61.8% of the previous fall. It has also formed a bearish evening star pattern on the daily charts which is quite negative, hence we expect Nifty to fall till 10800 and thereafter 10660 levels in the medium term. Now, till 11119 levels aren't taken off the bears have an upper hand.

5. What drove markets on Monday?

HDFC twins, FMCG and IT were major contributors on the upside whereas Oil & Gas and selective Banking on the lower side.

Jay Anand Thakkar, CMT- assistant VP- equity research, Anand Rathi