Indian Market outlook:-

Indian equities are expected to get a GAP DOWN opening on back of negative global cues and remain volatile due in latter session. 
S&P downgrading US credit ratingTechnically nifty as an intraday resistance at-5255-5299 levels and Support is seen at 5142-5028 levels.
The SGX nifty is trading down by 110 points at 5110
Curcial support is seen at 5045
FII's were net SELLERS worth rs 1789 cr in case market (5-08)


Market may open with a downside gap and is expected to trade lower. Selective buying can be seen due to overbought situation. One can expect highly volatile movements throughout the day.

SENSEX (17305)

Sensex has support at 17103, 16990 below 16800 and more. Resistance at 17436 and 17631.

NIFTY (5211)

Resistance at 5290 and 5325. Support at 5150, 5116 below 5085 and more.

RECOMMENDATIONS

1)     AUROBINDO PHARMA (162.3)

   Support at 159 below 155 and more. Resistance at 165 and 168. (Sell at higher)

2)     ICICI BANK (966.5)

    Support at 963 below 958 and more.  Resistance at 970 above 978.  (sell at higher)

3)     L&T (1638)

Support at 1615 and 1600 below 1585. Resistance at 1665 and 1672. (Buy at declines for delivery).

4)  TATA MOTORS (889.6)

   Resistance at 895 above 905.  Support at 883 and 880 below more selling towards 860. (Sell at higher)

5)     HPCL (404)

   Resistance is there at 410 and 415 above more buying expected. Support at 398 below 388. (Buy at declines)

DERIVATIVE STRATEGIES

          

SELL JINDAL STEEL FUTURES AROUND 548 LEVELS

SELL INFY FUTURES AROUND 2625 LEVELS