Reliance Industries, HDFC, Cipla may suffer more, ICICI Bank and Axis Bank to bounce back
Bull market or bear market?
Nifty closed below its strong support of '200 EMA' and 61.80% retracement level of the previous rally. Thus, we may see a continuation in ongoing pessimism in coming days too.
Stocks likely to be in limelight today?
Stocks like Reliance, HDFC Ltd, Cipla, and UPL may show further weakness. While we are expecting some bounce back in banking counters like ICICI Bank and Axis Bank.
Sectors likely to impact market today?
IT and Pharma sector may remain under pressure. While some buying can be seen in Banking and Metal space.
Your mid-term view?
We continue to maintain our bearish stance on the market and are expecting Nifty to correct further towards 10200 – 10150 level.
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What drove markets on Thursday?
Strong sell-off in Oil & Gas, IT and Pharma indices dragged the market lower. Rising crude prices and falling rupee also dented the sentiments.
By, Jay Purohit, technical and derivatives analyst, Centrum Broking
Source: DNA Money