HDFC Bank, L&T, Havells may see selling pressure today
Nifty failed to sustain above previous swing high and corrected sharply in the last two sessions, which is a negative sign for the market
Bull market or bear market?
Heavy writing in Nifty call options and unwinding from put writers indicates further weakness in the market in the remaining two sessions of December series.
Stocks likely to be in limelight today?
Stocks like HDFC Bank, L&T, Reliance Capital, Havells and Glenmark may show some selling pressure. While, buying interest can be there in Tata Global, PEL and some PSU Banking counters.
Sectors likely to impact market today?
We may see a continuation in the ongoing negative momentum in Private Banking, Auto and Media space.
Your mid-term view?
Nifty failed to sustain above previous swing high and corrected sharply in the last two sessions, which is a negative sign for the market. Also, the fall was supported by the short build-up in index futures, indicating further weakness in Nifty towards 10500 level in coming sessions.
What drove markets on Monday?
Sharp selling pressure in the global bourses poked the bearish momentum in our domestic market too.
Jay Purohit, technical and derivatives analyst, Centrum Broking