In a highly volatile session Indian market reacted positively to the Union Budget and rallied up to 500 points in sensex but in the final hour of the session it shed most of the gains and closed with moderate gains. Banks and Cements had a particularly disappointing day in trade today. Sensex shut shop at 17823, up 122 points and Nifty at 5333, up 29 points from the previous close.

CNX Midcap index was up 0.2% and BSE Smallcap index was up 0.4%. The market breadth was positive with advances at 741 against declines of 546 on the NSE. Top Nifty gainers were ITC, IDFC and Reliance Capital while losers included Sesa Goa, Reliance Infrastructure and Cement.

Market Outlook
In the next session, Nifty is expected to trade in the range 5303-5400. Sustaining below 5303 may cause breaching of minor support of 5276 to test 5226. However, above 5400, 5477 and 5526 may act as strong resistance level. Pharma and Cements may face selling at higher levels while FMCG and OIL&GAS may stay strong.

Expected Bullish Stocks

ITC
NFL
HDIL
CENTRALBANK
IOB
ESSAROIL
IDFC
PIRHEALTH
ONGC
FEDERALBANK
DRREDDY
CAIRN
RELCAPITAL
GESHIP
ABIRLANUVO
CANBK
SCI
STER

Expected Bearish Stocks

MPHASIS
APOLLOTYRE
NALCO
GLENMARK
ULTRACEMO
JSWSTEEL
AMBUJACEM
RELINFRA
RCOM
ACC
PANTALOONR
NMDC
RANBAXY
BGRENERGY
ABB
SAIL
GAIL
AREVAT&D