After trading in positive zone throughout the zone Indian market faced heavy selling pressure in the last half an hour and NIFTY and SENSEX closed in red below the psychological level 6000 and 20000 respectively. The SENSEX closed at 19941, down 64 points from its previous close, and Nifty closed at 5987, down 25 points. The CNX MIDCAP index was down 0.7% and the BSE SMALLCAP index was down 0.5%. The market breadth was negative with advances at 458 against declines of 836 on the NSE. The top Nifty gainers were BHARTI, HERO HONDA, BPCL and HDFC and losers included SAIL, RELIANCE CAPITAL, RELIANCE POWER and JP ASSOCIATES.

Next Day Trading Session:

In the next session NIFTY is expected to trade in the range 5959-6060. Breaching of 5959 level in NIFTY may cause severe selling pressure while sustaining above 6060 may attract buying. Traders are suggested to avoid long positions below 5959. AUTO and CEMENT stocks may attract buying while BANKING and METALS may attract selling pressure.

Fundamental Picks

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.

Corporate Highlights

CMC has been given the partner of the year award in the independent software vendor category by Oracle Corporation for innovatively incorporating Oracle Fusion middleware like Weblogic, Portal and UCM in its solutions.

Power Finance Corporation (PFC) has signed an MoU with NPCIL, the only player in nuclear power generation in India for offering financial assistance to NPCIL for its new power projects as well as renovation, refurbishment arid life extension projects, etc.