Pharma, Oil & Gas likely to continue with their upward journey

1. Bull market or bear market?

The bull market will continue going forward in the short to medium term. Like the July series, the August series is also expected to close in the positive territory. The support on the lower side is pegged at 11100 levels whereas the short-term target is 11400 levels.

2. Stocks likely to be in limelight today?

Sun Pharma, M&M, Lupin, from the Nifty50 whereas Gujarat Pipavav Port, Indoco Remedies and Tata Global from the CNX 500 are likely to trend upwards from here on.

3. Sectors likely to impact market today?

Banking and Financials, Pharma, Oil & Gas are likely to continue their upward journey.

4. Your mid-term view?

In the medium term, the target for Nifty is at 11640 and the support/reversal is pegged at 10950 levels. The index has started its wave three of wave 5 up which indicates that overall trend is positive and in the medium term the bulls will have an upper hand.

5. What drove markets on Monday?

Banking and Oil and Gas sectors were the main drivers.

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