Indian market faced selling pressure in the earlier hours; NIFTY took a dip below 5500, however, successfully closed above 5500 mark again. SENSEX closed at 18300, down 108 points and Nifty at 5503, down 40 points from the previous close. CNX MIDCAP index was down 0.8% and BSE SMALLCAP index was down 0.7%. The market breadth was negative with advances at 416 against declines of 864 on the NSE. Top gainers included BHARTIARTL, HUL, RCOM, SBIN, HDFCBANK, CAIRN and RANBAXY. Top losers are listed as STER, HINDALCO, DLF, JAIPRA, RELINFRA, UNITECH and IDEA.

Next Day Trading Session:

In the next session NIFTY may trade in the range 5450-5520. Since NIFTY is likely to test 5450, traders are suggested to follow the strategy of selling at rise with close stop loss. METALS and BANKING heavyweights may face selling pressure while IT and PHARMA may attract buying.

Fundamental Picks

Investors who have a horizon of 6-12 months can buy the following companies. The companies have potential to give higher returns than index over a long term.

Corporate Highlights

DQE has entered into a merchandising agreement with Off Road, a leading footwear manufacturer to produce a collection based on the animation from DQE's series, 'The Jungle Book'

Subex has been selected by Worldstream System and Services to implement its industry leading ROC Fraud Management and Revenue Assurance solutions for the Econet Group. Worldstream Systems & Services is the chosen project management and implementation partner for this and other large IT related projects within the Econet Group.

PTC India Financial Services (PFS), a subsidiary of PTC has been given Infrastructure Financial Company (IFC) status by the Reserve Bank of India (RBI). PFS, a strategically important non-deposit taking NBFC has now been classified by RBI as Infrastructure Finance Company - a new category of NBFCs announced by RBI in February, 2010.