Indian market after a gap down opening faced more selling pressure in the middle of the session. High crude oil prices weak domestic cues kept market under pressure. However, Indices recovered some of its loses in the final hour. Banking, Realty and Auto appeared as major loser. The Sensex closed at 18222, down 263 points from its previous close, and Nifty closed at 5463, down 75 points. The CNX Midcap index was down 1.4% and the BSE Smallcap index was also down 1.4%. The market breadth was negative with advances at 320 against declines of 984 on the NSE. FIIs were net seller with the tune of Rs 92.24cr.

Market Outlook In the next session, NIFTY is expected to trade in the range 5408-5493. Nifty may find support around 5380-5342, breaching of this level may cause heavy selling. Above 5500 Nifty may find resistance at 5540-5550. Since 5608 is a strong resistance level for Nifty, traders are suggested to sell at rise as long as it is trading below this level. Banknifty may face resistance around 10880-10930. trader may follow the same strategy of selling at rise keeping in view the strong support level in Bank nifty around 10530-40. Banking and Auto may face more selling at higher levels while Selected Pharma may appear strong.

Expected Bullish Stocks

Marico
Aban
Optocircui
MPhasiS
PATNI
ONMOBILE
ICICIBANK
AXISBANK
HINDALCO
HEROHONDA
SUNPHARMA
DRREDDY
FORTIS
RPOWER
BHUSHANSTL
CAIRN
RELIANCE
Tata Power

Expected Bearish Stocks

Ashokleyland
Educomp
Appolotyre
RCom
Idea
DLF
HDIL
Ibrealest
CESC
Arevat&d
BPCL
Hpcl
IOC
Tvsmotors
Maruti
M&M
Tata
Motors
EKC