Daily Indian Stock Market Outlook: FairWealth Securities

Daily Indian Stock Market Outlook: FairWealth SecuritiesIndian market had a steep fall in the final hour of the session with Banking and Real-estate appeared as worst performers. Except FMCG, almost all sectors close in red. The Sensex closed at 19459, down 231 points from its previous close, and Nifty closed at 5865, down 69 points. The CNX Midcap index was down 1.4% and the BSE Smallcap index was down 0.8%. The market breadth was negative with advances at 460 against declines of 838 on the NSE. The top Nifty gainers were Mahindra & Mahindra, Dr Reddy's, Bharti Airtel and Tata Steel and losers included DLF, SBI, PNB and ICICI Bank.

Next Day Trading Session:

In the next session, 5790 may act as important support for NIFTY sustaining below this level may cause heavy selling pressure that may drag index to 5700 and 5650 levels. Traders are suggested to be cautious of long positions below 5790. BANKING STOCKS may face more selling while PHARMA and FMCG may attract buying at lower levels.

EXPECTED BULLISH STOCKS

M&M
DRRREDDY
ITC
BHARTIARTL
TVSMOTOR
VIDEOIND
TORNTPOWER
JATAIRWAYS
DABUR
MPHASIS
GODREJIND
JISLJALEQS
SUNTV
LUPIN
CROMPTON
OPTOCIRCUI
IVRCLINFRA
OIL

EXPECTED BEARISH STOCKS

DLF
HDFC
LICHSGFIN
SBIN
PNB
BEML
CENTRALBANK
SCI
EDUCOMP
BANKBARODA
RCF
FINANTECH
CANBK
HDIL
TATACHEM

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.

DIC India Ltd has achieved its target of Rs. 340
First Leasing Ltd has achieved its target of Rs. 92
GEI Industrial Systems Ltd has achieved its target of Rs. 170
Dena Bank has achieved its target of Rs. 108
Visaka Industries has achieved its target of Rs. 180
Aarti drugs has achieved its target of Rs 135
Indoco Remedies has achieved its target of Rs 465, call given at Rs. 388
Riddhi Siddhi Gluco Biols has achieved its target of 258, call given at 216
Ess Dee Aluminium has achieved its target of Rs 520
TNPL has achieved its target of Rs. 115

Corporate Highlights

Shares of LIC Housing Finance were under pressure after reports surfaced that Central Bureau of Investigation raided the offices of the finance company in connection with an alleged multi-crore home loans scandal. The scrip plunged 20.34 per cent to Rs 1042.60 on the NSE. It touched a low of Rs 1031.10 in trade so far.

Coal India on Tuesday reported a 29% rise in net profit in the first half of the current fiscal, but the first earnings statement from the state-run giant after its recent IPO disappointed investors as the company failed to meet targets and the slippage may deteriorate as environmental issues hinder expansion plans.