Weak IIP data put pressure on Indian market after a positive start, resulting in a volatile session. Finally, SENSEX closed at 17195, up 54 points and Nifty at 5156, up 20 points from the previous close. CNX MIDCAP index was up 0.4% and BSE Smallcap index was down 0.3%. The market breadth closed negative with advances at 515 against declines of 754 on the NSE. Top Nifty gainers were KOTAK MAHINDRA BANK, IDFC and AXIS BANK while losers included BHARTI AIRTEL, IDEA CELLULAR and MAHINDRA & MAHINDRA. Telecom stocks faced major sell off while Pharma and IT attract buying.

Next Day Trading Session:

Next session view: In the next session, Nifty may continue with buying, still 5220 and 5260 may act as resistance levels, traders may follow the strategy of buying at little declines. PHARMA STOCKS and BANKING STOCKS may trade positive while STEEL SECTOR may remain weak.

Fundamental Picks

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

TNPL
Aarti Drugs
McNally Bharat
Biocon
Jindal Saw Ltd
Indoco Remedies Ltd
Riddhi Siddhi Gluco Biols
Ess Dee Aluminium
Alembic
JK Paper Ltd
Electrotherm (India)
Hyderabad Industries
Visaka Industries
Ballarpur Industries Ltd
Balkrishna Ltd.
Monnet Ispat
Munjal Showa

Visaka Industries has achieved its target of Rs. 180, call given at Rs.122

Banco Products has achieved target of Rs 110, call given at Rs 75.

Corporate Highlights

Punj Lloyd Ltd has informed BSE that Punj Lloyd Ltd in consortium with Technicas Reunidas of Spain has secured an EPO contract from the Abu Dhabi Gas Development Company Ltd for Shah Gas Development project in Abu Dhabi for a value of
Rs. 2056 Crore.

Transgene Biotek Ltd has informed BSE regarding a corporate announcement titled "Transgene's Monoclonal antibody - uniquely effective against three cancers.”

Glodyne Technoserve Ltd has informed BSE regarding a Press Release dated May 12, 2010 titled "Glodyne signs definitive agreement to acquire DecisionOne.”

Strides Arcolab Ltd has informed BSE regarding a Press Release dated May 12, 2010 titled "Strides Arcolab Announces US FDA approval of Bacitracin for Injection, USP; Seventh Sterile Injectables approval in 2010".

Nihar Info Global has received a work order from Sify Technologies, Chennai for IBM file net implementation.

Suven Life Sciences has announced that the Canadian Patent Office has issued a third product patent and Eurasian Patent office has granted sixth product patent corresponding to the New Chemical Entity (NCE) for the treatment of
disorders associated with Neurodegenerative diseases and these patents are valid until 2023 and 2025 respectively.

Steel Strips Wheels has announced that Kromag, Austria, a part of the Alcar Group has finalised a business of more than 30,000 wheels for supply during 2010. Kromag is one of the biggest suppliers in Europe in the after market and SSWL has
had very strong relationship with Kromag for many years now.