Maruti Suzuki, Ashok Leyland, Tech Mahindra, Ujjivan, Lupin may see selling pressure

1. Bull market or bear market today?

Despite the favourable cues from global bourses and gap-up opening, Nifty failed to sustain at a higher level for long and corrected sharply. The bearish momentum may continue in today's session too.

2. Stocks likely to be in the limelight today?

We may see selling pressure in stocks such as Maruti Suzuki, Ashok Leyland, Tech Mahindra, Ujjivan and Lupin. While stocks like Havells, Motherson Sumi and Nestle may show some strength.

3. Sectors likely to impact market today?

We saw range breakdown in most of the auto counters on Wednesday. Thus, auto sector is expected to underperform the benchmark indices.

4. Your mid-term view?

The market breadth is strongly in the favour of declining counters from the last 15 trading sessions, which is a sign of concern. Also, Nifty gave a breakdown from its consolidation phase of 11770–12100 and thus we may see 11500 levels in the coming days.

5. What drove the markets today?

Though benchmark indices remained flat, we witnessed carnage in many mid-cap and small-cap counters, which dampened the sentiments of the market participants.

Jay Purohit, technical & derivatives analyst, Centrum Broking