1. Bull market or bear market?

It will likely be a profit booking scenario as we are unable to breach the resistance around 11520. We may see lower levels tested; a down move to 11370 - 11350. 11500 is a point of inflection for this wave.

2. Stocks likely to be in limelight today?

IndusInd Bank, YES Bank, State Bank of India (SBI) and Infosys are likely to be in the limelight for longs while Reliance Industries (RIL), HDFC twins and TCS on selling side. This is classic index management.

3. Sectors likely to impact market today?

Energy, Consumer Cyclical, Utilities may weigh while Financials may provide support.

4. Your mid-term view?

A bullish move that is accompanied by consolidations or profit booking. Investors/traders should utilise the dips of 11300-11280.

5. What drove markets on Wednesday?

It was a rise in volatility ahead of expiry as writers are active on 11500-11300. We may see option writers taking advantage of Theta further and a strict rangebound session in the above-mentioned range.

Mustafa Nadeem, CEO, Epic Research