Indian Stock Market Outlook by FairWealth Securities

Indian Stock Market Outlook Fundamental Picks by FairWealth SecuritiesDespite positive global cues Indian market failed to hold the positive zone and closed with marginal losses. High crude prices affected the market negatively. The Sensex closed at 17839, down 39 points from its previous close, and Nifty closed at 5364, down 8 points. The CNX Midcap index was down 0.1% and the BSE Smallcap index was down 0.3%. The market breadth was negative with advances at 481 against declines of 804 on the NSE. The top Nifty gainers were SAIL; Jindal Steel, Sun Pharma and M&M and prime losers included Ranbaxy, Hindalco, Ambuja Cements and Reliance Power. FIIs were net sellers with the tune of Rs 97.02 cr. Market

NIFTY traded in a small range 5348-5414 and closed at 5364. In the next session Nifty is expected to trade in the range 5323-5446. If sustained below the given range it may test 5308 and 5263 level. However, 5510 may be considered as another resistance level. Bank Nifty is again expected to trade in the range 10660-10860. Still, 10550 may act as a crucial support level. 10990 might be another resistance level. Metals and Oil&gas are expected to show strength while IT and Realty may appear weak.

Expected Bullish Stocks

HOEL
OPTOCIRCUI
AREVAT&D
VIDEOIND
LUPIN
HPCL
BPCL
SAIL
DRREDDY
HCC
BOI
IOB
SUNPHARMA
JSPL
RENUKA
BAJAJHIND
LITL
TATASTEEL

Expected Bearish Stocks

RANBAXY
PFC
AUROPHARMA
HEROHONDA
MARUTI
JETAIRWAYS
UNITECH
JINDALSAW
DBREALTY
HDIL
DLF
ABAN
TATACOMM
HINDALCO
SINTEX
CENTRALBANK
MPHASIS
BHARATF