The BJP spokesperson has asked that the party's opponents should speak out on what alternatives, they have to offer to the nation. That should impart a sense of stability to the market. But with Jayalalitha reaching Delhi on Tuesday, one needs to be on the look out for further developments.

The market opened with the Sensex at 3437, some 4 points lower than the previous close of 3441. Importantly, it was above the previous low of 3424. The day's low was at 3381, which proved that the market did panic.

The high for the day at 3469 was still 74 points lower than the previous high of 3543. The Sensex closed at 3464, with a gain of 23 points day over day. The 3381 level to which the index slipped was a support level. The daily stochastic indicator shows that the weakness has not yet disappeared.

ACC isweak and could touch Rs 1418. Bajaj Auto is likely to attract bulls at Monday's closing levels. With a support at Rs 560, it could go back to Rs 595. Long term investors can begin to get into Bhel in small doses. Get into Castrol at around Rs 801. Rs 820 appears to be a resistance, and you need to wait and watch if it will break through it. Hindalco is into an accumulation phase. ICICI offers reasonable opportunity for speculators just now. Tisco is technically vibrant, but I still advise picking only at the lowest level.

It will take time to build strength. Reliance has a firm undertone now. A scan over the Sensex portfolio is not very reassuring. At the moment several scrips are in a stalemate situation. They do not have the technical strength to move up. And therefore I would consider the market still vulnerable.