Indian market traded in a highly volatile session. After and eighth day of continuous rally, profit booking at higher levels dragged the indices into red. SENSEX closed at 19417, down 84 points and Nifty at 5828, down 32 points from the previous close. CNX MIDCAP index was down 1.2% and BSE SMALLCAP index was down 0.4%. The market breadth was negative with advances at 352 against declines of 936 on the NSE. Top gainers are listed as DLF, HDFC, SBIN, MARUTI, LT, SUZLON, and SUNPHARMA. Top losers are listed as INFOSYS, RCOM, BHARTIARTL, STER and JAIPRA.

Next Day Trading Session:

In the next session NIFTY if sustained below 5800, it may face correction up to 5650. However, 5900-5910 may act as a strong resistance level. Traders are suggested to avoid fresh long position, if NIFTY trades below this range. BANKING and METALS are expected to face major correction while AUTO and IT may stay strong.

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

Ashok Leyland, the Hinduja flagship has bagged an order for 2,850 buses from the Institute for Road Transport (IRT), the nodal agency for procurement of vehicles for the state of Tamil Nadu. The order includes a requirement from MTC for 150 vehicles conforming to BS IV emission norms and is the very first such order to be received from a State transport undertaking.

Atlanta in consortium has received order amounting to Rs. 163.11 crore from Government of Mizoram, Office of the Chief Engineer, PWD for execution of construction of new 2-lane highway from km 38/00 to km 71/00 in Mizoram to support Kaladan Multi Modal Transport Project in phase 'A' of SARDP-NE package.

Jupiter Bioscience is likely add around $8 to $10 million revenue through Swizz acquisition and next year may be another $15 million turnover can be expected. Mr Kalavakolanu said the acquisition will be formally announced within the next two-three weeks.