The index moved between 4553 and 4592, a range of just 39 points. ForWednesday, the index has the technical potential to touch a low of 4520. Butas it happened on Tuesday, the index could well bounce back after this dip.It is significant that on Tuesday, the index after dipping to 4553 recoveredby 26 points. That reflects the undercurrent buoyancy despite the apparentweakness of the market.

The worst case scenario in the immediate horizon could be 4490, which isanother 30 points below the 4520 level I have talked of.But judging by the slow gain in stock prices in the Sensex list, Wednesdaycould well end up providing the bottom up support, being the new day for theNSE week.

Under such circumstances, if the index does dip to 4520, I expect operatorsto bounce to pick their blue chips.

And there is another significant development as well. Yesterday I talked ofthe possibility of nervousness setting in the market, leading to a breakdown. That could have been caused by leading players staying away. But thepicture has changed today. With the gains that have been recorded, and therefusal of several scrips to go down seriously, leading operators would haveto revise their strategy. They may now decide to enter the market. For, totheir chargrin, other players have been accumulating, albeit in small lotsat the bottom prices, before they start moving up.

The choice was between waiting for a breakdown or start acting. Thebreakdown possibilities are now receeding. That, however, is not saying thatit still cannot be engineered at some cost. But with many different marketplayers on the scene, it will be difficult to put through successfully.