Weak cues from Asian market led heavy selling pressure over Indian indices. SENSEX closed at 16289, down 490 points and Nifty at 4853, down 154 points (provisional) from the previous close. CNX MIDCAP index was down 4.12% and BSE SMALLCAP index is down 5.49%. Metal and Reality Stocks faced major pain. ITC, CADILA HEALTHCARE, KOUTONS, CUMMINS, ROLTA, IVRCLINFRA stood as top gainers while TATASTEEL, DLF, MARUTI, ICICIBANK, IBREALEST, JETAIRWAYS, RCF and GUJNRECOKE were top losers.

NIFTY and BANK NIFTY has entered oversold zone, but these indices has been closed at a weak note near low of the day. We expect a negative opening with a bounce back from lower support level. NIFTY has a strong support in the range 4744-4777. Traders are suggested to buy at dips with close stop loss. FMCG and OIL-GAS stocks may attract buying.

EXPECTED BULLISH STOCKS:

ONGC, INFOSYS, PTC, IOC, ITC, NATIONALUM, SESAGOA, TRIVENI, ALBK, ULTRATECHCEMO, HOTELEELA, BHARTIARTL, HUL, CADILA, IVRCL, ROLTA, TULIP, IDEA.

EXPECTED BEARISH STOCKS:

TATASTEEL, HINDALCO, STER, JINDALSTEL, BHUSANSTEEL, HDIL, DLF, TATAPOWER, RELCAPITAL, HCC, ICICIBANK, JSWSTEEL, RELINFRA. JINDALSAW, EDUCOMP.

NIFTY AND BANK NIFTY FUTURE:

BUY NIFTY FUT AT DIPS WITH STOPLOSS 4744 TGT 4915-4925 BUY BANK NIFTY FUT AT DIPS WITH STOPLOSS 8140 TGT 8368-
8420-8465