Indian market again faced continuous selling pressure and turned deep red. Reality, Auto, Capital goods and FMCG faced major selling pressure. The Sensex closed at 18395, down 288 points from its previous close, and Nifty shut shop at 5512, down 92 points. The CNX Midcap index was down 2.3% and the BSE Smallcap index was down 3.6%. The market breadth was negative with advances at 127 against declines of 1205 on the NSE. The top Nifty gainers were ONGC, Reliance Infra, Dr Reddyÿs and Bharti Airtel and prime losers included DLF, Mahindra & Mahindra, ACC and Reliance Capital. The FIIs were net sellers with sales sales worth Rs. 706.84cr (prov. Cash market fig)

In the next session, NIFTY is expected to trade with a support of 5454. A pull back up to 5630-5670 is expected from this level. However 5350 is a strong support in NIFTY. Banking heavyweights and metals may attract buying in the next session while reality and Pharma may continue with selling pressure. traders are suggested to follow the strategy of selling at rise in INDEX keeping in view the support and resistance levels.

Investors with a horizon of 6-12 months can consider following scrips for their investment. These companies have potential to give igher returns than index over a long term.

Adani Enterprises has signed a partnership agreement with Japanese diversified business group Kowa Company, entailing joint cooperation in common areas of business like infrastructure and trade such as exports in both countries.

Hyderabad-based GVK Power & Infrastructure has submitted a preliminary bid for a controlling stake in a coal mine owned by Australian mining giant Hancock Coal for nearly $2 billion. GVK is among six bidders shortlisted in an auction process being conducted by Hancock Coal for the sale of its Kevin's Corner mine located in the coal-rich Galilee basin of Queensland in Australia.

Airtel, India’s leading mobile operator, saying it plans to offer voice telephony and SMS on its 3G service network at rates that are at par with 2G services. Bharti’s huge investment in the 3G auction and later in infrastructure provides incentive for the company to rollout its network rapidly and recoup its costs by serving large number of subscribers across as many circles as possible.

India has made it mandatory for all pharmaceutical exporters to send their shipments under a trace and track surveillance system to prevent spurious drugs manufacturers in countries like China to pass off their medicines as Indian products, with effect from July 1, 2011.

India signed 18 agreements worth $15.1 billion with Indonesia in sectors such as mining, infrastructure and manufacturing. The two countries have set a target to double bilateral trade to $25 billion in the next five years.

Punjab has received Rs 3,775.46 crore in form of financial assistance from Nabard for sustainable development of agriculture, allied activities and Rural Infrastructure Development Fund (RIDF) during the first nine months of 2010-11.

The above mentioned ideologies are based on the research done at Fairwealth research department. Fairwealth ecurities Ltd will not be responsible for any kind of losses incurred by any part either directly or indirectly based on our research esults, though we have presented to the best of our knowledge.