Selling pressure over BANKING and IT stocks kept INDIAN INDICES red most of the time but buying in the final hour in CAPITAL GOODS and BANKING(at lower levels) caused market to shed most of its loses. SENSEX closed at 20104, down 12 points and Nifty at 6029, down 6 points from the previous close. CNX MIDCAP index was up 0.13% and BSE SMALLCAP index was up 0.03%. The market breadth was negative with advances at 539 against declines of 733 on the NSE. Top gainers included M&M, RELINFRA, DLF, NTPC, JINDALSTEL and SIEMENS. Top losers are listed as HDFC, RIL, HUL, HINDALCO, STER, BPCL, IDFC and IDEA.

In the next session market might continue with its volatility; however indices may trade in the range 5990-6090. BANKING STOCKS, POWER and CAPITAL GOODS may attract major buying while METALS and IT may face selling. Traders are suggested to buy at dips.

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.

PSL has bagged orders worth Rs. 565 crore from various clients, including an order worth about Rs. 200 crore from state-run oil marketing firm Indian Oil Corporation for supply of pipes of approximately 400 kms length for its prestigious Paradip-Raipur Ranchi pipeline project.

MIC Electronics has bagged repeated order from PARRAMATTA EELS NRL CLUB, Sydney, Australia for the supply of LED Video True color Display Screens worth Rs. 2.92 crore.

Man Infraconstruction has bagged three projects from new clients in Mumbai for construction of office building for leading investment banker Enam, residential tower for developers Wadhwa Group and Rohan Developers. The execution is expected to be completed within 13 months.

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.