Private Bank and Petroleum stocks to be in focus today

Bull market or bear market?

For today, we suggest a sideways range and a bullish view can only be established on a close above 10670. If that is not taken out we believe the range to be 10510-10650. We maintain a sideways view with a range of trade to sell around 10650 for a target of 10540.

Stocks likely to be in limelight today?

Petroleum stocks may continue to take momentum higher along with select private banks such as ICICI Bank, IndusInd and HDFC will be in limelight.

Sectors likely to impact market today?

We expect Energy sector to regain its strength further and drive the markets though weakness in the IT and Pharma may cap the upside. These sectors are likely to have an impact in tomorrow's session.

Your mid-term view?

A directional view above 10650 on a closing basis for an upside of 10900. A close below 10500 will take us to a rangebound trading where lower range comes in four digits.

What drove markets on Wednesday?

It was a directionless move as Tuesday's gains weren't able to be capitalised. We remained in a tight range despite a free fall in Crude an appreciation in the rupee.

Mustafa Nadeem, CEO, Epic Research