Nifty breakdown below 11480-11500 levels would extend downside momentum

Bull market or bear market?
Nifty failed to cross the previous week high and witnessed sharp profit booking across sectors in the second half to close near the day's low. A breakdown below 11480-11500 levels would extend the momentum on the downside.

Stocks likely to be in limelight today?
IT and Pharma stocks could be in focus as the rupee has weakened to the dollar beyond Rs 71 levels.

Sectors likely to impact market today?
FMCG and state-run banks would continue to remain weak after a minor bounce as yesterday was the first day of sharp profit booking.

Watch this Zee Business video here:

Your mid-term view?
We expect some amount of consolidation in a range of 11400-11700 levels over the next few days. Nifty 11400 PE (put option) added 2 lakh of open interest (OI) increasing the OI to approximately 32 lakh.

What drove markets on Monday?
Nifty opened higher on back of positive domestic cues like strong GDP numbers, but failed to cross the previous week high and witnessed sharp profit booking across sectors in the last one hour of trade to close negative by 98 points at 11582 levels

Vikas Jain, senior research analyst, Reliance Securities

Source: DNA Money