Aurobindo Pharma, Suven, Lupin likely to rise today
Nifty is correcting in its wave 4 of wave 5 up which has a minimum target of 11312 and 11252 levels which are 38.2% to 50% retracement levels respectively
Bull market or bear market?
The bear market as the Nifty has formed a bearish head and shoulders pattern on the daily charts which is a bearish reversal pattern. The support on the lower side is pegged at 11394 and below those 11252 whereas resistance on the upside is pegged at 11503 levels and above that 11530 levels.
Stocks likely to be in limelight today?
On the Bullish side Aurobindo Pharma, Lupin, Suven whereas on the bearish side UltraTech Cements, Bank of India and State Bank of India.
Sectors likely to impact market today?
Pharma still and mid-cap IT still looks positive whereas Banking and Financial looks weak.
Your mid-term view?
Nifty is correcting in its wave 4 of wave 5 up which has a minimum target of 11312 and 11252 levels which are 38.2% to 50% retracement levels respectively.
What drove markets on Monday?
IT added few points on the positive side whereas all the other sectors were in red within which Banking and Financial were hit harder and they contributed on the negative side.
Jay Anand Thakkar, CMT- assistant VP, Equity Research, Anand Rathi