Financials, energy, non-cyclical sectors may have higher impact
With Thursday’s price action, Nifty is likely to be bearish and test lower levels of 11570-11550
1. Bull market or bear market today?
It is a range-bound market that is oscillating in 250-odd points. With Thursday's price action, Nifty is likely to be bearish and test lower levels of 11570-11550.
2. Stocks likely to be in limelight today?
Axis Bank, YES Bank, UltraTech, Grasim, Bharti Infratel should remain in limelight.
3. Sectors likely to impact market today?
Financials, energy, consumer, non-cyclical should have a higher impact.
4. Your mid-term view?
A range-bound market needs a breakout. An upside breakout above 11850 would mean trend continuation to 11990-12050 while downside with close below 11550 should signal an intermediate correction.
5. What drove markets on Thursday?
It was an expiry day. Hence, it was writers who reaped out of falling premiums and carved the volatility in their favour.
Mustafa Nadeem, CEO, Epic Research