Other old economy counters also attracted buying interest but the sentiment for tech stocks remained negative.

For index, the level of 4300 points continues to act as first major support and the level of 4461 points remains first major resistance. HLL remained in demand for a major part of the day. The outlook for the stock continues to remain positive and the level of Rs 214 can be used as stop-loss for short-term positions.

ITC remained under pressure and position is unlikely to show major improvement in the near future. Reliance also remained firm for a major part of the day and the short-term position will weaken only below Rs 418. RPL remained in a narrow range and a bounce is around the corner.

SBI also lost more than 1 per cent but a bounce is not ruled out. The performance of stocks like Bhel, Tisco and MTNL is also expected to be positive in the near future. The outlook for cement counters continues to remain positive. Stocks like to ACC, Grasim, L&T and GACL are expected to extend their gains.

As for tech counters, the outlook continues to be far from impressive. For Infosys, the position will improve above its first hurdle of Rs 6,350. Zee Tele attracted strong buying during the last one hour of trading. It has a major hurdle at Rs 247. An immediate base can be considered at Rs 222. For Satyam Comp also, the outlook will weaken further below Rs 360. The level of Rs 385 can be considered as an immediate hurdle.

Overall, the performance of tech stocks is likely to be negative, whereas selective buying continues in old economy counters. Stocks like ACC, L&T, HLL, Grasim, M&M, Bhel, IPCL, Bharat Forge, Tisco, Thermax, Trent, Ashok Leyland and BSES are expected to show strength.