HLL counter did show signs of correction with a fall of Rs 10. The trend is likely to continue for some more time. The position of ITC, however, improved on Wednesday as the counter reported some buying interest. The ITC chart appears encouraging, but for the confirmation, the stock needs to go up further. The level of 1,063, however, will continue to act as a strong support level.

SBI also showed signs of consolidations. For the past two days, the stock has been forming higher bottoms. In other words, the stock has not broken the Monday's low of Rs 231. A fall below this level would be negative for the stock.

Reliance's performance was also encouraging as the stock took support at Rs 172 where it had taken support few weeks ago. Abounce back is likely. If the medium-term health of the stock is to improve, the stock should not dip below Rs 172. A fall below this level would attract short-sellers.

BHEL may also show a bounce back from the current level. A further fall from the current would not be a healthy sign. The stock has a support at Rs 244. MTNL showed a mixed trend and the current position is far from impressive. As for HPCL, the expectations are negative.

Overall, the Sensex's move on Wednesday can be considered as a negative sign as it broke Tuesday's low, the immediate support. A further fall, which may take it below the crucial level of 4083 points, would be extremely bad for the market. A fall below this level can take Sensex to 4,000 points and warnings of that can be detected in Wednesday's fall.

The position of Tata counter has not changed much on Wednesday except the fact that Tisco has shown a positive indication. Tata Chemical is continue to look attract. Tisco has closed strong with high volumes. The uptrendis likely to continue. While the position of Tisco improved, Telco dipped below its immediate support level of Rs 208. The next major support for the stock is around Rs 200 level. For Tata Tea, the outlook continues to be negative.The software stocks have also failed to display desired strength. Satyam Computers remained dull, and may reverse the trend. Infosys and NIIT also showed some correction, which is expected to continue.