Indian market opened weak but recovered later and moved in the positive zone. After trading in a choppy session, SENSEX closed at 16356, down 1 point and Nifty at 4899, up 17 points from the previous close. CNX MIDCAP index was up 1.93% and BSE SMALLCAP index was up 2.72%. IT and BANKING STOCKS faced major profit booking in the later session. Top gainers included WIPRO, TCS, TATAMOTORS, GRASIM, M&M, GAIL, IDEA, BPCL and JINDALSTEL while top losers are listed as HUL, SBIN, NTPC, ITC, TATAPOWER, RELCAPITAL, HDFCBANK, and NTPC.

In the next session we expect selling pressure at higher levels. BANKING STOCKS may face major selling at higher levels. TRADERS are suggested to follow the strategy of selling at higher levels and be cautious in long positions. NIFTY has resistance at 4964 and support at 4850 and
4815. It is suggested to exit from all long positions if nifty trades below 4744 level.

EXPECTED BULLISH STOCKS:

ACC, GRASIM, MARUTI, PNB, PIRHEALTH, IDEA, PUNJLLOYD, ONGC, GAIL, HINDALCO, SIEMENS, SUZLON, RECLTD, PFC, DIVISLAB, LUPIN, BEML, BHEL, RELIANCE, TITAN.

EXPECTED BEARISH STOCKS:

ICICIBANK, RELCAPITAL, SBIN, FINANTECH, PATNI, WIPRO, JINDALSTEEL, MAX, BAJAJ-AUTO, HDFCBANK, HUL, MTNL.

NIFTY AND BANK NIFTY FUTURE:

SELL NIFTY FUT BELOW 4846 SL 4886.10 TGT 4815-4785-4755. SELL BANK NIFTY FUT BELOW 8555 SL 8610.10 TGT 8500-8460-8380