Indian market traded in a range finally closed with gains buying over BANKING and PHARMA STOCKS. The SENSEX closed at 20309, up 152 points from its previous close, and Nifty closed at 6121, up 49 points. The CNX MIDCAP index was up 0.4% and the BSE SMALLCAP index was down 0.3%. The market breadth was negative with advances at 501 against declines of 811 on the NSE. The top Nifty gainers were SBI, CIPLA, MAHINDRA & MAHINDRA, HDFCBANK, WIPRO and IDFC and losers included RELIANCE CAPITAL, RELIANCE INFRA, AMBUJA CEMENTS, DLF, MARUTI, RCOM, NTPC, SUZLON and RANBAXY. The FIIs were the net buyers with investment to the tune of Rs 313.68 cr (prov cash market fig.)

In the next session NIFTY may face high resistance around 6170—6210 while 6038 may act as an important support level. Traders are suggested to sell at gains. IT, CAPITAL GOODS and FMCG may attract buying while REAL-ESTATE and OILGAS may face selling at higher levels.

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.

Sun TV Chief Kalanithi Maran took over as the chairman of low-cost air carrier SpiceJet today and wasted no time to induct four of his nominees in the company's board of directors. "Kalanithi Maran has been inducted into the board as the Promoter Director and has been appointed as the Chairman of the board and company," SpiceJet said in a filing to the bombay Stock Exchange.

Jindal Steel and Power today said its subsidiary, Jindal Power , is likely to launch a Rs 7,000 crore initial public offer(IPO) in the next six months. Tata Motors Ltd said on Monday its global vehicle sales in October rose 18 percent from a year ago to 86,705 units. Jaguar and Land Rover sales in the month rose 12 percent to 18,845 units, it said in a statement. The company, India's biggest truck maker, also makes utility vehicles and cars, including the world's cheapest car, the Nano.

Disclaimer: The above mentioned ideologies are based on the research done at Fairwealth research department. Fairwealth securities 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.