Indian market traded in the F&O expiry day with high volume and high volatility. Awaited RBI credit policy led the market to close flat. SENSEX closed at 16306, up 17 points and Nifty at 4867, up 14 points from the previous close. CNX MIDCAP index was up 0.82% and BSE SMALLCAP index was up 0.03%. Top gainers included TATASTEEL, WIPRO, DLF, MARUTI, HDFC, SIEMENS, HCLTECH, AXISBANK and ORIENTBANK. Top losers are listed as ABAN, NALCO, IOB, RCOM, BHARTIARTL, LT, JAIPRA, ACC, and RPOWER.

Nifty is currently trading above the strong support 4744-4777. In the next session we expect NIFTY to remain in the range 4740-4870. if NIFTY breaks 4740, we may see further selling up to 4600. We suggest traders to follow the strategy of selling at gains. RBI credit policy is expected to affect the market sentiments; BANKING and PHARMA STOCKS may perform well in next session.

EXPECTED BULLISH STOCKS:

ICICIBANK, PNB, ALBK, OBC, INFOSYS, HCLTECH, DLF, HINDZINC, NALCO, PTC, POWERGRID, TORNT POWER, INDIANB, GLENMARK, CIPLA, SESAGOA, IVRCLINFRA, CROMPTONGREAV, BOB, TECHM, TATASTEEL, CHENNAIPETRO, SIEMENS.

EXPECTED BEARISH STOCKS:

TATAMOTORS, HDIL, IOB, LT, HCC, JAICORP, IBREALEST, HDFC, BHEL, EDUCOMP, YESBANK, ONGC, GAIL, HPCL, ABAN, PRAJIND, RENUKA, BHARTIARTL, SESAGOA, ACC.

NIFTY AND BANK NIFTY FUTURE:

SELL NIFTY FUT BELOW 4845 SL 4570.10 TGT 4800-4780. SELL BANK NIFTY FUT BELOW 8350 SL 8390 TGT 8310-8270-8188. OR BUY BANK NIFTY FUT ABOVE
8510 SL 8465 TGT 8575-8630-8700