Indian market traded in a highly volatile manner; after trading in the negative zone attracted buying in the final hour closed in green with gains. The SENSEX closed at 20032, up 91 points from its previous close, and NIFTY closed at 6017, up 30 points. The CNX MIDCAP index was down 0.3% and the BSE SMALLCAP index was down 1.5%. The market breadth was negative with advances at 342 against declines of 966 on the NSE. The top Nifty gainers were ICICI BANK, RELIANCE POWER, ITC and AXIS BANK and losers included SAIL, KOTAK MAHINDRA BANK, TATA MOTORS and SUZLON ENERGY. The FIIs were net sellers with investments worth Rs. 735.4 cr. (prov cash market fig)

Next Day Trading Session:

In the next session market may open positive but selling pressure at higher levels might be seen. NIFTY is expected to face STRONG RESISTANCE AT 6075 while 5930-50 may act as a strong support zone. Traders are suggested to sell at gains as long as NIFTY is trading below 6075. BANKING STOCKS may play major role in selling pressure at higher levels. However, AUTO and PHARMA may attract buying.

Fundamental Picks

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.

Corporate Highlights

Air carrier Kingfisher Airlines said on Friday it will launch 22 additional flights on various routes in the domestic sector beginning Oct 31, to tap the year-end peak season demand.

Wipro Ltd, India's No. 3 software services provider, on Friday said it secured an IT services contract from Electricity North West Ltd, which operates the electricity distribution network in north-west England.

The government has agreed to relieve an additional Rs 3,000 crore to state fuel retailers to makeup for losses they incurred on the sale of fuel during the first half of the current fiscal.