Indian market had a volatile session with indices almost closed flat. SENSEX closed at 18103, down 9 points and Nifty at 5444, up 2 points from the previous close. CNX MIDCAP index was down 0.4% and BSE SMALLCAP index was down 0.6%. The market breadth was negative with advances at 437 against declines of 834 on the NSE. TELECOM and FMCG stood firm while REALITY and METALS traded in red. Top gainers included BHARTIARTL, BHEL, ITC, INFOSYS, SBIN, AXISBANK and IDEA. Top losers are listed as JAIPRA, ONGC, DLF, NTPC, JINDALSTEL, RANBAXY, STER, RELCAPITAL, GAIL and UNITECH.

5430 may act as a strong support in NIFTY in the next session. Below this level 5393-5400 is next strong support range. NIFTY is expected to test 5500-5510 in the next session; traders are suggested to buy at dips. CAPITAL GOODS and BANKING SECTOR may attract buying at dips while METALS and PHARMA may face selling.

Investors who have a horizon of 6-12 months can buy the following companies. The companies have potential to give higher returns than index over a long term.

ICSA (India) has launched its Smart Energy Meter (SEM) manufacturing facility spreading across 5 acres at Pashmailaram, Patancheru, Medak in Andhra Pradesh on 24 July 2010.

Datamatics Global Services, Inc, the U.S. subsidiary of Datamatics Global Services and CIGNEX Technologies, Inc. the U.S. subsidiary of CIGNEX Global Holding Corporation have announced the creation of a joint venture called Datamatics CIGNEX, LLC. The joint venture will market innovative, next-generation open source solutions to enterprises globally.

Energy Development Company has received contract worth Rs. 27.69 crore for construction of bridges from Government of Tripura.  The contract is to be completed within a period of 2 years.

The above mentioned ideologies are based on the research done at Fairwealth research department. Fairwealth securities (P) Ltd will not be responsible for any kind of losses incurred by any part either directly or indirectly based on our research results, though we have presented to the best of our knowledge.