The market opened with the Sensex at 2874, slightly below the previous close of 2878. But for a brief lurch to a low of 2821 in the opening hour, which scared everyone, the index whipped back and established 2867 as its base line. It climbed up to 2914 and ended the day at 2920, the high for the day.

The daily stochastic indicator has crossed over its trigger line and has signalled a buy for short term. The RSI indicator, too, has moved up from the bottom of 33.9 to 37.9. The trigger line is, however, is at 49. Butclearly, the RSI has begun the first move upwards.

On the weekly charts, the index has closed well above the trend support of 2855. It closed at 2920, a clear 70 points up. The recovery in HLL has been as astounding as the original fall. ITC's recovery has been more conservative. Several other scrips in the Sensex list has the potential to continue to move up. Bajaj Auto is already moving up with high volume and can be expected to continue this northward journey. Reliance is close to September 1, level of Rs 102. It touched a low of Rs 106 and has bounced up.

It could be expected to move up further. SBI had gone below the previous low of Rs 177. But having touched Rs 170.30 it has moved up to Rs 176.10. It could join the northward swing. ITC has recovered to its baseline of Rs 662 and could continue to move up as indicated by the stochastic indicator. You may zero in any of the following scrips in addition for an upmove. BHEL, BSES, Colgate,Hindalco, Indian Hotel, ITC, Mahindra & Mahindra, Tata Chem,Telco, Tisco and possibly HPCL. Attend to the market tomorrow and you shall be rewarded!