United Spirits, Colgate Palmolive to see action today

Bull market or bear market today?

The market has formed a tight range of 11560 on the downside and 11650 on the higher side. Until we will get either side breakout market will trade sideways in said range.

Stocks likely to be in the limelight today?

United Spirits has given a double bottom breakout on daily charts suggesting a near-term upside towards Rs 640 zone. Colgate Palmolive has given a strong range breakout with tremendous volumes, hinting it is is all set to touch Rs 1,300.

Sectors likely to impact market today?

Nifty auto has given a fresh breakdown, which shows that the index can see some more dips.

Your mid-term view?

The Nifty index has given a double-top breakdown on daily charts hinting at some pressure in the near term, but on the downside the index has good support near 11425 zone that would be a good level to buy again.

Rohit Singre, senior technical analyst at LKP Securities