Daily Indian Stock Market Outlook by FairWealth Securities

Daily Indian Stock Market Outlook by FairWealth SecuritiesIndian market continued the bullish trend with Realty and Auto sector as major gainers. Oil&Gas and Healthcare appeared weak. The Sensex closed at 18350, up 144 points from its previous close, and Nifty closed at 5522, up 42 points. The CNX Midcap index was up 0.6% and the BSE Smallcap index was up 0.7%. The market breadth was positive with advances at 786 against declines of 503 on the NSE. The top Nifty gainers were Hindalco, IDFC, Kotak Mahindra Bank and Ambuja Cements and prime losers included GAIL, Dr Reddy's, Suzlon and Cairn. FIIs were net buyers with the tune of Rs 307.82 cr .

Market - As we had predicted of today’s range in between 5435-5531 and it touched the level of 5529 which is on upper band. The Nifty is on the average to correct the internal terminal pattern which will end to at around 5608 till then our view is bullish. Our view for the whole of the week was bullish and Next session, being the last day of the week, the weekly range on upper side is 5608. Traders are suggested to go through our weekly review dated 19/03/2011. Today the Nifty may trade in the range 5480-5571 and if the Index goes beyond 5571 level, it may easily test the level of 5608 of dated 04/03/2011 and Nifty will take the strong at around 5435-5446.