Making money in 2009 was not that difficult , almost all stocks ran along with markets , This is visible from the fact that most of mutual funds have gains in excess of 100% in last one year, not too difficult job for fund managers as long as they stayed invested in index stocks.

Last year, as the massive stock rally lifted all boats, everyone from the professionals to those who didn't have a clue (including monkeys) did quite well for themselves as long as they were invested in equities.

Same might not be true for 2010. 2010 is shaping up to be quite a different market. It's uncommon to see two consecutive years of huge gains, which means 2010 will likely see a modest, if any, return. 2010 is going to be a stock picker's market. Those in certain sectors, and stocks, will perform better than others.

So ..how to find stocks and sectors that can grow good returns.

1) Look For Growth Overseas

Yes, international investing has been hot. In 2009, emerging market stocks soared on hopes of the recovery. However, there is always a concern that this trade is getting overplayed. It will be worthwhile to look for companies who have wider exposure to international markets. For example Tata Steel or Reliance mediaworks who will be having more than 30% of their revenue from international markets.

2) Picking commodities

As the recovery takes hold, commodities will be one of the first areas to show a turnaround as manufacturers ramp up production to meet growing demand.

Investors can invest in the area through any number of commodities and commodities-related stocks, including energy companies, oil services companies, miners and agriculture businesses.

3) Don't Forget the basic issues in Indian context

Education, health care and infrastructure are basic issues in Indian economy and they are big opportunities as well.