Rahul Sharma of JM Financial Services believed that the Indian markets remain a sell on the rising market.

"Last week, Nifty had formed a long-legged Doji structure along with a double bottom near the 14250 mark. Although recovery was seen, but today the sell-off has aggravated and Nifty has broken that double bottom of 14,250. So the way Nifty is placed currently, it is sector-specific action that is doing well. Broadly the market remains a sell on the rising market where we have not been able to fill the gap of 14785-14652 that we formed last Monday."

He expects pharma, metals, and IT to outperform.

"Sector-specific pharma is doing well. Metals and IT are also holding pretty well but banking and financial is something which is a spot of bother for the Nifty as a whole."

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(Edited by : Priyanka Rathi)