Indian market failed to discount strong global cues; Indices faced selling pressure at higher levels and closed on a weak note after trading in a volatile session. SENSEX closed at 15922, down 120 points and Nifty at
4757, down 35 points from the previous close. CNX MIDCAP index was down 0.14% and BSE SMALLCAP index was up 0.10%. Top gainers included HINDALCO, HDFCBANK, STER, HEROHONDA, and GRASIM. Top losers are listed as M&M, SBIN, LT, TATASTEEL and SUNPHARMA.

NEXT SESSION……..

In the next session selling pressure may be continued over NIFTY and it may breach the support level 4713 to test 4657. However, 4810-24 may act as a strong resistance zone. STEEL and BANKING sector may face major sell off. Traders are suggested to be cautious at strong support
4580-4600, in case NIFTY breaks 4657.

EXPECTED BULLISH STOCKS:

BPCL, HPCL, IOC, WIPRO, TCS, INFOSYS, PATNI, STER, HINDCOPER, HINDALCO, CIPLA, SUNPHARMA, ACC, GRASIM.

EXPECTED BEARISH STOCKS:

JINDALSTEL, TATASTEEL, NTPC, JPASSOCIATE, HDIL, DLF, IBREALEST, RELCAPITAL, SBIN, UNIONBANK, RANBAXY, HDFC.

NIFTY AND BANK NIFTY FUTURE:

SELL NIFTY FUT BELOW 4735 SL 4760.10 TGT 4708-4676-4657 SELL BANK NIFTY FUT BELOW 8210 SL 8260.10 TGT 8155-8111-
8000.