The stochastic indicator has triggered a sell. But for Grasim, Larsen & Toubro, SBI and ITC all the other scrips in the Sensex folder are down. Led by a 8 per cent fall in Infosys Technologies almost all of the software scrips are reacting downwards. Even Onward Technologies came down. While HLL appears to resist the fall, a Harami Top has emerged here, indicating that the scrip will slowly inch downwards now. The stochastic indicator confirms this.

ITC is bullish, but its high for the day is a shade lower than the previous high. Quite likely Friday will chip off some more. Glaxo would get support at Rs 771. Bharat Heavy Electrical Limited (BHEL) is again close to itsbaseline at Rs 230. BSES is fighting a downslip. Castrol has a fighting chance. For Colgate support is there at Rs 168. Grasim is bullish with volume. Gujarat Ambuja has to be put on watch list. But conservatives should get out.

Hindustan Petro has touched the baseline again at Rs 176. Hindalco is into the oversold region. ICICI's recovery has been halted. At Larsen & Toubro, the stochastic is not negative, yet, profit booking is advisible. MTNL is bearish.

The `Engulfing Top' bearish pattern has appeared at the NIIT counter as well. An Evening Star has arisen on the Ranbaxy counter. This bearish signal is based on three readings, but still needs confirmation. Trend line support may come at Rs 412. Reliance is trying to hold its head up, but just about marginally!

The indications are quite clear. Book your profit. And reassess the position later. Friday closing might add weight to bear pressure.

The S&P Nifty clearly indicates that the market is headed south. Its daily stochastics has triggered asell.