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17th of October 2018

Economy



Hindalco, Lupin, Sun Pharma may show some strength today

Bull market or bear market?

The Nifty rebounded from the potential reversal zone of bullish AB=CD (Harmonic) pattern and formed a hammer candle on the daily chart. Thus, we may see further bounce towards 11420–11440 level.

Stocks likely to be in limelight today?

Stocks like Hindalco, Lupin, Sun Pharma, OFSS, and Jindal Steel may show some strength. While, YES Bank, GAIL, Bank of Baroda and Hero Motocorp are expected to remain under pressure.

Sectors likely to impact market today?

Metal and Infra sector is expected to do well. While we may see selling pressure at a higher level in selected banking counters.

Your mid-term view?

Nifty failed to sustain above rising trendline and formed a Bearish Engulfing pattern on the weekly chart, which is a negative sign for the market. Considering current chart structure and options activity, we are expecting the market to correct towards 11200 mark. Thus, any bounce towards 11450 shall be used as shorting opportunity.

What drove markets on Wednesday?

Decent recovery in the rupee against the dollar; along with a rally in the FMCG and Metal heavyweights resulted into good buying momentum in the market.

Jay Purohit, technical and derivative analyst, Centrum Broking

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