by Mr. Mustafa Nadeem, CEO, Epic Research for your consideration:

Nifty stalled for fifth consecutive day between the trading range of half a percent with 9640 upper resistance and 9590 on the downside. Despite a dent in GDP numbers it is positive sign that market hold on to lower levels depicting bulls are holding the ground and are not letting 9600 being taken off. Until and unless this range doesn’t get breached  we cannot expect a big move.

As per OI data as well we are seeing dull activity with range being 9700 on upside and 9500 on downside as major activity. So any dip towards 9500 shall be seen as a level where one can enter.

Sectorial indices also showed stiff consolidating day with market breadth as well giving indecisive signal. Major weighting sectors like Banking, Metals and infra is seeing muted trading while lots of activity is seen in Pharma, and FMCG on the back of defensive play and going forward we are covering the same.

Lupin at 1150 – 1130 and Cipla at 510  are two picks we like from Pharma while ITC at 310 and HUL as well looks attractive. Tata motors from Automobile is we like at current levels of 476