Sun Pharma, Ajanta Pharma may trade positive today
Nifty 50 has strong multi-month support at 10580-10600 levels, which is the last month low. Below these levels, we expect a sharp profit booking across sectors and stocks
1. Bull market or bear market?
We expect a bounce in Nifty 50 index from support levels of 10680-10700. We see midcap index to outperform.
2. Stocks likely to be in limelight today?
Sun Pharma and Ajanta Pharma will remain positive, while IT stocks could continue to underperform from current levels.
3. Sectors likely to impact market today?
Private Banks and Pharma sector to remain positive, while FMCG stocks could witness minor profit booking.
4. Your mid-term view?
Nifty 50 has strong multi-month support at 10580-10600 levels, which is the last month low. Below these levels, we expect a sharp profit booking across sectors and stocks.
5. What drove markets on Thursday?
Nifty 50 index closed lower by 47 points following profit booking in index heavyweights Reliance Industries, TCS and Infosys.
Vikas Jain, senior research analyst, Reliance Securities