'Nifty may see further bounce towards 1,1130 level'

Bull market or bear market?
Nifty rebounded piercingly from the crucial support of ‘Rising Trendline’ and ‘150 EMA’ on the daily chart. Thus, we may see further bounce towards 11130 level.

Stock likely to be in limelight today?
Infosys, UBL, Axis Bank and Hindustan Unilever may show some strength.

Sectors likely to impact market today?
IT sector may continue its bullish momentum. Also, some short covering bounce can be there in Banking index.

Your mid-term view?
Weekly chart structure of both Nifty and Bank Nifty is not encouraging and indicates further pain in the market. Thus, any bounce towards 11200 - 11250 should be used as shorting opportunity for 10500 level.

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What drove market on Tuesday?
A sharp rally in Pharma and Financial space from lower level resulted into a decent rally in the market.

By: Jay Purohit

(The author is technical and derivative analyst, Centrum Broking)

Source: DNA Money