Reliance, Kotak, Tata Motors, Infosys likely to be in focus today
We expect any dip to 10780-10800 to be played out in favour of bulls for a higher target of 10950-10970. Point of failure is 10730
Bull market or bear market?
A bullish market is expected given the kind of buying we have seen from lower levels that specifically came from blue-chips. We expect any dip to 10780-10800 to be played out in favour of bulls for a higher target of 10950-10970. Point of failure is 10730.
Which stocks likely to be in limelight today?
We expect stocks like Reliance, Kotak, Tata Motors, Infosys to be in the limelight. A sustained move should be seen in Axis bank, Titan and GAIL as well.
Sectors likely to impact market today?
A positive move in Energy, Banking, and Finance to lead the short term move.
Your mid-term view?
Given the budget is around the corner, Volatility is expected to increase while undertone is bullish. The range is likely to be 10970-10700. A break above the 10970 should see aggressive short-covering for a move to 11200.
What drove markets on Thursday?
Buying in blue-chip stocks like Axis, Tata, Infosys, Reliance was visible from the morning. Coupled with expiry we saw some short covering from lower levels of 10600 - 10700. The move was largely based on lower level buying in blue-chips that pushed Index higher.
Mustafa Nadeem, CEO, Epic Research