Stock focus today: Glenmark, ABB, Amara Raja and HDFC
Bull market or bear market?
The market had breach lower band of rising channel and reached a horizontal support line. So sustainability below 11500 level will confirm further negativity up to 11430 level.
Stocks likely to be in limelight today?
Glenmark, ABB, Amara Raja and HDFC on the short side
Sectors likely to impact market today?
Almost all sector has formed a bearish reversal sign at initial stage except IT sector. Auto and Financial service can have further selling pressure.
Your mid-term view?
The index is at glass support of 11500 level, sustainability below it can lead to next support of 11300 level which is the intermediate base.
What drove markets on Tuesday?
The index got selling pressure from FMCG and Banking stocks whereas major selling pressure has been observed in midcap stocks.
Kapil Shah, technical analyst, Emkay Global Financial Services
Source: DNA Money