Indian indices faced heavy selling pressure with almost all sector in red. REAL-ESTATE appeared as major loser. The SENSEX closed at 20,005, down 216 points from its previous close, and Nifty closed at 6012, down 69 points. The CNX MIDCAP index was down 0.4% and the BSE SMALLCAP index was down 0.3%. The market breadth was negative with advances at 447 against declines of 855 on the NSE. Top gainers are listed as RCOM, M&M, TATASTEEL, HINDALCO, STER, and SESAGOA. Top losers are listed as NTPC, HDFC, MARUTI, ICICIBANK, ITC, SAIL and KOTAKBANK. FIIs were Net Sellers with sales amounting to Rs. 9.07cr(prov cash mkt fig)

In the next session NIFTY may show further weakness if traded below 5985, further traders are suggested to exit from long positions if breaches 5959 level. Traders are suggested to be cautious in longs below 5959-5985 range. AUTO STOCKS and IT STOCKS are expected to trade bullish while BANKING STOCKS may go weak in bank nifty traded below 12100.

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.

Glass containers maker Piramal Glass Ltd expects revenue to grow 8-10 per cent and margins to improve in FY11 , chairman Ajay Piramal told a news conference on Wednesday..

Tata Steel on Wednesday said its Rs 15,000 crore new production line at Jamshedpur plant will go on stream by July-September 2011, increasing the total capacity to 10 million tonne annually.

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