Indian market witnessed sharp decline being affected by negative domestic news flows. Almost all sectoral indices closed in red. Oil&Gas appeared as major loser while metals appeared comparatively stronger. The Sensex closed at 17878, down 271 points from its previous close, and Nifty shut shop at 5373, down 72 points. The CNX Midcap index was down 0.8% and the BSE Smallcap index was also down 0.8%. The market breadth was negative with advances at 393 against declines of 908 on the NSE. The top Nifty gainers were Ambuja Cements, Tata Steel and ITC and prime losers included Reliance Infra, Mahindra & Mahindra, RIL and Reliance Power. FIIs were net sellers with the tune of Rs 532.51 cr.

Market Outlook - Nifty has breached previous 11 days range. In the next session Nifty may trade with the high probability of breaching of important support level 5330. However, Nifty would be in the range 5323-5446, if sustained below this range, 5308 and 5263 level might be tested. 5510 would be other resistance level. Bank Nifty is expected to trade in the range 10660-10860. Still, 10550 may act as an important support level. 10930 and 11090 may act as other resistance levels. Traders are suggested to buy at declines keeping in view the support levels. Metals may appear stronger while IT and Oil-Gas may attract more selling.

Expected Bullish Stocks

TORNTPOWER
AUROPHARMA
NMDC
ABB
SUNTV
DBREALTY
NALCO
SRTFC
TATACOMM
BEL
WELCORP
JISLJALEQS
TATAPOWER
LUPIN
EIL
HOEL
PETRONET.
TATASTEEL

Expected Bearish Stocks

MPHASIS
PANTALOONR
TECHM
RPOWER
BAJAJFIN
APOLLOTYRE
HDIL
TITAN
DLF
IBREALEST
M&M
ASHOKLEYLAND
CESC
HAVELLS
HEROHONDA
BOI
LICHSGFIN
CANBK