Indian market witnessed huge buying with almost all sectoral indices closed in green Oilgas appeared as leading gainer as affected by the crude prices coming down. The Sensex closed at 18439, up 265 points from its previous close, and Nifty shut shop at 5531, up 86 points. The CNX Midcap index was up 0.6% and the BSE Smallcap index was up 0.3%. The market breadth was positive with advances at 725 against declines of 565 on the NSE. The top Nifty gainers were Reliance Capital, RCom, BPCL and GAIL prime losers included Suzlon, ONGC, Bharti Airtel and Siemens. FIIs were net buyers with the tune of Rs. 414.35 cr.

Market Outlook Nifty attracted buying and closed above the previous two days high. Bulls may again appear aggressive at lower levels in the next session also. Nifty is expected to trade in the range of 5463-5563. Traders should note that 5609 and 5624 are resistance levels for NIFTY. Breaching of 5463 level may cause selling pressure up to 5411. Oil-Gas and metals may again attract buying while sugar and cements stocks may face selling pressure at higher levels. BankNifty may trade in the range 10850-11090. However, 10780 may act as an important support level. 11150 and 11280 are the resistance levels.

Expected Bullish Stocks

RELCAPITAL
JETAIRWAYS
WELCORP
BPCL
IOC
HPCL
UNIONBANK
TATAPOWER
ASHOKLEYLAND
JSWSTEEL
ESSAROIL
JPASSOCIATE
OPTOCIRCUI
DRREDDY
RANBAXY
DISHTV
MTNL
GAIL

Expected Bearish Stocks

AREVAT&D
SUZLON
STFC
GLAXO
TATACHEM
PFC
CESC
EXIDE
GLENMARK
IGL
DBREALTY
NMDC
PANTALOONR
HUL
ANDHRABANK
PETRONET
INDIANB
ABAN