The market opened on a bearish note following the military coup in Pakistan. Sensex opened at 4958, a steep 99 points down from the previous close of 5057. It went to a low of 4922, which again was another 99 point lower than the previous low of 5023. The intra day high at 5064 fell short of the previous high of 5077 by 13 points. At close, the index had lost 24 points day over day.

It is a good sign that the intra-day high went over the previous day's close of 5057. The daily stochastic indicator for the Sensex has cut downwards through its triggerline. However, in the extremely short term the index has the potential to rise. Whether the rise is able to change the sell trigger is to be seen.

However, the long-term indicators advise you to stay in for the long haul, without bothering about the immediate volatility.

High intra day gyrations marked trading in several counters on Wednesday. The turmoil has not yet died down and will continue into Thursday. While that is true of the speculative list, the broad market signals are positive. Therefore, you may well take advantage of the high variations in Sensex to get in or out of your favourite scrips in the non-speculative category as well.

The index has a chance to close at 5020. On the low side it could hit 4928. Cement scrips could strengthen further. Pharma stocks are snatching points further up. Larsen could see wide fluctuation but end up on the plus side. ABB looks set to rise. On the other hand Bhel would prove to be difficult to handle.