Stock picks by Sameet Chavan: Buy Cummins India, SBI Life Insurance

Recently, Cummins India's declining trend seems to have been arrested around the 750-mark, which coincided with the '89-EMA' on the daily chart

Nifty outlook

The massive correction in the US markets in the previous session had a continuation on Monday morning to haunt traders across the globe. As a result, our markets opened with more than a per cent cut to test the 15,500-mark. However, this was followed by a remarkable V-shaped recovery in the remaining part of the day. For the subsequent two sessions, markets consolidated at higher levels with no clear intent. However, towards the fag end of the week, the bulls were back with some strength to mark highest ever weekly close, a tad below 15,900.
 

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