Jubilant Foodworks likely to be in limelight today
Overall supports are shifting higher and a decisive hold above 10750 could take it towards 10929 then 11000 zones
Bull market or bear market?
Overall it’s a bull market as supports are gradually shifting higher but price set up is bullish. Trading range in between 10720 and 10888 zones.
Stocks likely to be in limelight today?
Jubilant Foodworks, Piramal Enterprises, Tata Motors, ICICI Bank on long side while Sun TV, Vedanta, Ashok Leyland and Union Bank on the short side.
Sectors likely to impact market today?
Oil Marketing and Pharma on positive side while Metal on the negative side.
Your mid-term view?
Overall supports are shifting higher and a decisive hold above 10750 could take it towards 10929 then 11000 zones.
What drove markets on Monday?
Nifty opened positive but failed to surpass previous day’s high of 10834 and remained consolidative. It formed a small Bearish Belt Hold candle. It got stuck in a range and requires a decisive range breakout to start the next leg of the rally.
Chandan TapariaDerivative & technical analyst, Motilal Oswal Securities