The markets ended with modest gain after an extreme volatile session. The Sensex closed at 15,904 up 73 points after seeing an intraday high of 15,973 and low of 15,695. The Nifty shut at 4,694 up 14 points. Among the broader indices, the BSE Midcap Index closed flat while the Smallcap Index gained 1%. The market breadth was positive and volumes were marginally lower, the total traded turnover stood at Rs 87,766 cr. as against Rs 88,023 cr. Buying was seen in oil & gas, cement and technology shares, while selling continued in capital goods, realty, metal, FMCG, banking, select telecom and auto stocks.

Nifty is taking time to consolidate at higher levels and finding difficult to sustain above the 4710?4730 mark. Now going ward it’s very important that markets need fresh triggers to help nifty maintains above 4730 for a new breakout to happen. The overall outlook remains optimistic has nifty is still holding above its 50?day moving average of 4400. The other important technical oscillator RSI is still at 64 which suggest there is more potential on the higher side. On the downside Nifty has strong support at 4630?4610 region and any sharp decline below this area could bring nifty upto 4570?4550 levels. Unless nifty breaks 4600 there is no threat for the current uptrend.

STOCK IDEA:

1) BRFL (191) – Buy and hold with a stop?loss of 177 for a target of 210?225.

2) FSL (30) – Huge delivery based volume witnessed, counter is ready for a big breakout, buy and hold for a short term target of 35?45 in the near term. Strong support exits at 25.

3) GLENMARK (270) – Buy on dip and hold counter showing strong sign of revival, support exit at 250?240, resistance is place at 275 levels, if maintains above then look for a target of  10?330.

4) LIC HSG (644) – Buy and hold counter showing sign of strong revival, support exit at 610, short term looks 725.

5) NIIT LTD (68.50) – Buy and hold counter showing strong sign of revival, support exit at 62?59, short term target looks 75?83.