Indian market faced selling pressure throughout the day with indices around 1.5% down. Realty, Capital Goods, Banking and Auto faced major selling pressure. The Sensex closed at 17775, down 261 points from its previous close, and Nifty shut shop at 5312, down 83 points. The CNX Midcap index was down 2.4% and the BSE Smallcap index was down 3.2%. The market breadth was negative with advances at 162 against declines of 1154 on the NSE. The top Nifty gainers were Bajaj Auto, Tata Power, BPCL and Cipla and prime losers included Mahindra & Mahindra, Kotak Mahindra, ONGC and Associates. The FIIs were net sellers with sales worth Rs 726.54 Cr

Market Outlook

In the next session, NIFTY may face strong resistance around 5370-5390, while 5275-90 may act as minor support level. However, traders are suggested to follow the strategy of selling at rise for NIFTY support level 5232. Banking and capital goods may face major selling pressure while FMCG and Metals may show strength comparatively.

Expected Bullish Stocks

WELCORP
FORTIS
EIL
GODREJCONS
BAJAJ-AUTO
TATAPOWER
AUROPHARMA
IGL
HINDALCO
PETRONET
BPCL
CUMMINS
GLAXO
PATNI
SIEMENS
STFC
CASTROL
INFOSYSTCH

Expected Bearish Stocks

LITL
IRB
PUNJLLOYD
JSWSTEEL
GMRINFRA
NALCO
JAICORP
ICICIBANK
AXISBANK
MCDOWEL-N
M&M
HEROHONDA
JAIPRA
BHUSANSTEEL
ASHOKLEY
KOTAKBANK
ALBK
ABAN