Sun Pharma, DHFL, Tata Elxsi may see buying momentum

Bull market or bear market?

We are expecting the index to correct towards 11350 in the ongoing week.

Stocks likely to be in limelight on Thursday?

Sun Pharma, DHFL, Tata Elxsi and Bajaj Finance may continue their buying momentum in coming days too. 

Sectors likely to impact market on Thursday?

IT sector is expected to do well in upcoming days. We are witnessing ‘Channel’ breakout in the weekly chart of Nifty Pharma index, which is a positive sign.

Your mid-term view?

Nifty has formed a bearish harmonic pattern called ‘Bearish Butterfly’ on the daily chart and the potential reversal zone of the same is placed at 11440-11500. 

What drove markets on Tuesday?

Pharma counters were in sportlight. A strong rally in select private banking scrips too supported the upmove.

Jay Purohit, technical and derivative analyst, Centrum Broking