Stock focus: Larsen and Toubro, Ajanta Pharma, oil marketing companies

Bull market or bear market?

Nifty ends flat to positive, and with a breakdown below previous high of 11495 levels, the market would witness profit booking in index pivotal.

Stocks likely to be in limelight today?
Larsen & Toubro, Ajanta Pharma and oil marketing companies.

Sectors likely to impact market today?
We continue to remain positive on Pharma & IT. Banks could witness profit booking due to multiple tops at 28350 levels.

Your mid-term view?
Nifty has closed near the monthly pivot resistances of 11600 levels, one should wait for some decline of 100-150 points for fresh longs.

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What drove markets on Thursday?
Nifty scaled a new all-time high at 11620 levels and witnessed profit booking from the high-end of the monthly resistance range. Bank Nifty led the fall to decline by 0.8%, while Metals and Media ended negatively by 1.2%. On the other hand, the Pharma sector gained by 1.2%.

Vikas Jain, senior technical analyst, Reliance Securities

Source: DNA Money