Infosys, TCS under focus; Midcap and Small cap seeing aggressive bearish momentum
Nifty should amass some support at 10950 level as 200 Days WMA is placed while strong pullback is observed from those levels having support trend line drawn from lows of 6826. Its a point of inflexion for bulls. So a Buy set up can be seen around 10920 - 10930 for an upside of 11050.
Bull market or bear market?
Nifty should amass some support at 10950 level as 200 Days WMA is placed while strong pullback is observed from those levels having support trend line drawn from lows of 6826. It's a point of inflexion for bulls. So a Buy set up can be seen around 10920 - 10930 for an upside of 11050.
Stocks likely to be in limelight?
TCS and Infosys may see momentum building up for October series while pressure may continue to remain in Banking and Financials. Further Midcap and Small cap are seeing bearish momentum which is now aggressive.
Sectors likely to impact the market?
Infrastructure output data is expected hence all eyes will be on sectors such as Coal, Electricity, Crude, Refinery products, Steel and Cement.
Your mid-term view?
We remain bearish with sell on the rise as a strategy. Any pullback in price on Nifty towards 11200 - 11230 will call in bears to add further pressure for lower targets of 10700.
What drove markets on Thursday?
Writers were aggressive on strikes of 11000 and 10900 hence a negative session with premiums eaten up. A lower than average rollover data further points to a cautious stance on the upside. The rise in crude oil added further insult to injury.
Mustafa Nadeem, CEO, Epic Research
Source: DNA Money
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