Repco Home Fin, Muthoot Fin, Chola Finance may rise today

1. Bull market or bear market today?

Bear market as the market is facing resistance at higher levels and till 11300 levels aren’t taken convincingly the overall market would remain weak

2. Stocks likely to be in limelight today?

Repco Home Finance, Muthooth Finance, Chola Finance, Ujjivan, UPL are looking good whereas Tech Mahindra, Voltas are looking weak.

3. Sectors likely to impact the market today

Banking, IT, pharma and auto sectors looks weak whereas NBFCs look good.

4. Your mid-term view?

Nifty has a support at 10950-10900 range whereas resistance at 11300 levels. The daily, weekly and monthly momentum indicator MACD is well in sell mode hence we maintain our  medium term bias negative for the index

5. What drove markets today?

NBFCs provided some support to the markets whereas most of the sectors are looking weak and created pressure on the index.

Jay Anand Thakkar, CMT -assistant vice president - equity research, Anand Rathi Shares and Stock Brokers