Tech Mahindra, Zee, ONGC, Infy, Reliance may be in focus today

Bull market or bear market?

A bullish market, given the fact, we have seen very good strength and buying from lower levels. A mild profit booking is seen but the internal strength has improved and we believe any dip towards lower levels of 10700 would be utilised for upward momentum expanding to 10880.

Stocks likely to be in limelight?

Tech Mahindra, ONGC, Zee Entertainment, Infosys and Reliance may continue to lead as they are showing the innate character of a leader in this upswing.

Sectors likely to impact market today?

We have seen strength in Financials, IT, Energy, Media, and FMCG sector. They would be in limelight.

Your mid-term view?

A ranged consolidation between 11000-10600. Since we are at the lower part of this range we should utilise the dips for a conservative move towards 10950-10900. Only a close above 11150 will give a directional view on the upside. A failure to sustain 10600 will drag us to lower levels of 10100.

What drove markets on Thursday?

It was an expiry day and a free lunch for options writers with muted volatility, despite positive cues from global markets. Buying in Energy, IT and FMCG kept lower levels intact.

Mustafa Nadeem, CEO, Epic Research