Indian indices had gap down opening in weak global cues, faced heavy selling pressure and traded in deep red throughout the day. SENSEX closed at 15790, down 434 points and Nifty at 4718, down126 points from the previous close. CNX MIDCAP index was down 2.39% and BSE SMALLCAP index was up 3.23%. HUL appeared asa gainer while JPASSOCIATE, HINDALCO, TATASTEEL, ICICIBANK, DLF, RANBAXY and AXISBANK.

NEXT SESSION……..

We expect some more selling pressure in NIFTY if trades below 4680; since, NIFTY has a good support near 4580-4600 range, we may expect a bounce back from this level. NIFTY may face a resistance around 4757 FMCG and OIL-GAS may show strength in the next session.

EXPECTED BULLISH STOCKS:

HUL, DABUR, SCI, JETAIRWAYS, ACC, MARUTI, VIDEOIND, PATNICOMP, RIL, GAIL, RANBAXY, SUNPHARMA, RNRL, ESSAROIL.

EXPECTED BEARISH STOCKS: BOI, PNB, M&M, SBIN, KOTAKBANK, TCS, TATASTEEL, JINDALSTEEL, ICICIBANK, AXISBANK, RELCAPITAL, STERLITE, HINDALCO.

NIFTY AND BANK NIFTY FUTURE: SELL NIFTY FUT BELOW 4680 SL 4710.10 TGT 4642-4600-4580

SELL BANK NIFTY FUT BELOW 8190 SL 8235.10 TGT 8123-8040-8000.

FOLLOW UPS.

YESBANK SELL CALL GIVEN BELOW 239 TGT 232 ACHIEVED.

DABUR BUY CALL GIVEN AROUND 166 TGT 172 MADE A HIGH 171.

GAIL SELL CALL GIVEN BELOW 416 TGT 406 ACHIEVED.

STER FUT, M&M FUT, RELCAP FUT OPENNED NEAR TARGET.

NIFTY AND BANK NIFTY CALL NOT EXECUTED.