Indian market witnessed selling pressure on account of weak global sentiments affected by Japanese tsunami. However, FMCG and Oil&Gas managed to close green while Metals, IT and Capital Goods appeared as major loser. The Sensex closed at 18174, down 153 points from its previous close, and Nifty shut shop at 5445, down 48 points. The CNX Midcap index was down 0.7% and the BSE Smallcap index was down 1.1%. The market breadth was negative with advances at 323 against declines of 975 on the NSE. The top Nifty gainers were Ranbaxy, ONGC, BPCL and RIL and prime losers included BHEL, RCom, Reliance Infra and Ambuja Cements. FIIs were net sellers with the tune of Rs 243.98 cr.

Market Outlook Finally, Nifty breached the lower level 5463 of the earlier range and witnessed a decline approximately up to the support level given in the previous outlook. In the next session, Nifty is expected to trade in the range 5408-5506. However, 5380 might act as an important support level for NIFTY, sustaining below which may see a fall up to 5338. While following the strategy of selling at rise, traders should note that 5539 and 5564 are another resistance levels for Nifty. Bank Nifty is expected to trade in the range 10660-10860. Now, 10550 may act as an important support level for Bank Nifty, below which it may see heavy selling. Auto and Pharma may show some strength while IT and Capital Goods sector may stay weak.

Expected Bullish Stocks

TATAGLOBAL
ONGC
RANBAXY
DRREDDY
OIL
BHUSHANSTL
PETRONET
PITRHEALTH
GSPL
TATACHEM
GRASIM
FORTIS
RIL
TECHM
ABIRLANUVO
TATAMOTORS
BAJAJ-AUTO
HEROHONDA

Expected Bearish Stocks

EDUCOMP
SINTEX
MPHASIS
JSWSTEEL
BHEL
INDIANB
VOLTAS
LITL
DISHTV
ZEEL
CENTURYTEX
PUNJLLOYD
RELINFRA
HCLTECH
RECLTD
HCC
DLF