The market opened with the Sensex at 4984, some 19 points lower than theprevious close of 5103. It is more or less a case of falling with a gap.

Wednesday's low has been at 5081, and Thursday's opening was at 4984. Notonly that, this gap was not filled. The index could rise only to a high of5058 for an intra-day. On the low side, it dipped as low as 4891. Butrecovery was good as it closed at 5041. Day-over-day, the loss has been 62points.

The entire post-lunch session was marked by steady recovery from the low of4891. None of the technical indicators have signalled a buy. The Sensex hasnow the opportunity to rise to 5243 level. How is that possible, you maywonder. Well, take a look at the recovery today. This has come on thepenultimate day of the BSE week. If the market does not recover, the onlyother way for it to go is to go down and that means reaching down to 4710levels. But if that was to happen, I would rather expect the downtrend togather further momentum on Thursday itself. Friday could then have providedthe climax.

But since recovery set in, it is difficult to say that Friday trading willfollow the normal pattern. On the other hand, the index could rise to 5093levels on the back of short-covering. The index does breathe hard on its wayup and 5145 is perhaps the best one can hope for during the week. It is tooearly to predict what is in store for next week. And by that time, we wouldhave also entered the new fiscal year.

The fact that BPCL has attracted a higher volume on lowering of the pricegives a hint that selective investment buying is on. On the other hand, atthe Britannia counter, some are booking profits, realising that furthergoing up could prove difficult right now. The weakening of the BSES countershows that operators are not in a great hurry! But how do you explainCadbury and Castrol holding to their levels, except by the fact that thereis confidence. Or look at the opportunity-driven opportunity at Dr Reddy'sLab. As the saying goes, when the going gets tough, the tough get going!