SBI also gained marginally. For the future, HLL appears positive, but a correction is not ruled out. ITC has not shown a decline, but the pace it has been advancing is not a healthy indication for the technical position of the stock. For ITC, the level of Rs 1,063 will continue to play an important role and a dip below this level would be negative for the counter.

SBI has shown a marginal improvement and is expected to show a small rally. For long purchases, the short-term stop loss can be placed at Rs 231. The same can be said about Reliance, but in comparision with SBI, the counter seems weak.

The stock has not broken Monday's low, which is a positive sign. Among the other index-based stocks, Bhel isexpected to show a mixed trend whereas HPCL may show a marginal recovery. As for MTNL, the stock has been forming a triangle. The stock has been forming lower tops as well as higher bottoms. A break-out is expected on either side and, for this reason, a position can be taken only after the confirmation of the direction. Hindalco has also shown weak trend and is likely to repeat the performance.

Overall, as the Sensex has not shown any major change from Monday's position, the outlook continues to be mixed. The level of 4,083 points will play an important role and a break below this level would be bad for the market, at least in the short-run. Among the Tata counters, Tata Chemicals appears attractive for long positions. The stock has shown good signs. Tisco is the second choice, provided it moves above Rs 143. For Tata Tea, however, the outlook continues to be negative. As for Telco, short-selling appears attractive below Rs 208. The second support for the stock exits at Rs 200.

For software stocks, theoutlook remains positive. Satyam Computers has shown strength and may move upward. The same can be said about Pentafour Software. NIIT and Infoysy, however, may show some correction. Among the other specified stocks where a positive trend is likely are: Apollo Tyres, Arvind Mills, Asian Hotesl, Bank of Baroda, Bank of India, Bharat Forge, Escorts, GNFC, Godrej Soaps, Nagarjuna Fertilizers, Oriental Bank of Commerce, Sesa Goa, Siemens, SPIC and Tata Chemicals.