The market ended on a positive note on Wednesday with the Sensex posting a gain of 24 points to close at 3936. However, the market performance was subdued as the intraday high of the Sensex at 3943 was lower than the previous high of 3992, as also the high of 3963 posted on Monday.

The low for the day at 3870 was lower than the previous low of 3885, but was higher than Monday's low of 3835. In other words, the Sensex is travelling in a limited band, with the bottom defined at 3835. The volumes tell their own story. Wednesday's volume was restrained at Rs 1094 crore in contrast to the Rs 1567 crore of Tuesday and Rs 1341 crore of Monday.

The 7 day exponential moving average for the Sensex is at 3931. Thus the Sensex is still above this critical average.The 40 days moving average is at 3777.

Bajaj Auto has moved down with an increase in volume. The last two days have logged roughly 5.7 lakh volume of shares. Another similar amount would bring the outstanding volume to a level, where the scrip could bounce back.

In BHEL, traders are still holding on to considerable volume, and one should not hurry to make an entry here. BSES has shown stability after its results have been announced. Castrol attracted volumes and closed better, despite negative reports about the impact of rising base oil price for the company's bottomline. Colgate's price is definitely responding to its corporate efforts.

Yesterday I had pointed out that the market offers good opportunity for the bold. Gujarat Ambuja firmed alongside volume growth in investment. It is the same story on ICICI counter. Again, volume growth in Indian Hotel, after its not so interesting result gives a strong clue to valuation of Indian stock prices. On the other hand, HLL is growing weak. ITC is slowlyfinding its feet!