Daily Indian Stock Market Outlook by FairWealth Securities

Daily Indian Stock Market Outlook by FairWealth SecuritiesIndian market attracted buying throughout the day with almost all sectors gained with good volumes. Realty and banking appeared as major gainers. The Sensex closed at 18206, up 217 points from its previous close, and Nifty shut shop at 5480, up 66 points. The CNX Midcap index was up 0.7% and the BSE Smallcap index was up 0.6%. S&P CNX Defty closed at 4229. The market breadth was positive with advances at 782 against declines of 500 on the NSE. The top Nifty gainers were Cipla, Sesa Goa, ICICI Bank and JP Associates and prime losers included M & M, Jindal Steel, TCS and Siemens. FIIs were net buyers with the tune of Rs 312.10 cr.

Market - As the Nifty had made a terminal pattern internally, which is confirmed by the formation of the falling wedge. Its confirmation on today’s session indicates that the Nifty may touch the level of 5608 in the coming days. In the next session, Nifty may trade in the range 5435-5531 and if the Index surpasses 5531 level, Nifty will get the resistance at around 5563-5570 and on the downside with the breaching of 5435 it may get a support at around 5408-5411. Bank Nifty is expected to trade in the range 10860-11050. Now, 10740 and 10660 may act as strong support levels while11151 and 11280 might be considered as other resistance levels. Pharma and Realty may appear strong in the next session.

Expected Bullish Stocks

TATACOMM
SESAGOA
CIPLA
SUNPHARMA
GLENMARK
RECLTD
SUNTV
IBREALEST
BAJAJHIND
RENUKA
DLF
ONGC
RELIANCE
ACC
FEDERALBANK
VOLTAS
PFC
HAVELLS

Expected Bearish Stocks

VIDEOCON
M&M
UNIONBANK
NALCO
JSPL
MCDOWEL-N
CENTRALBANK
JETAIRWAYS
HPCL
IOC
ZEEL
SIEMENS
TORNTOWER
INDIANB
ULTRACEMO
ADANIENT
TVSMOTORS
TATAGLOBAL