This is a good indication for its short-term position, and the level of 3840points will act as a reference point for all long positions. On the upperside, the next resistance is at around 4150 points, and hurdle thereafterexists at 4360 points. After a long time, stocks have shown a mixedtrend -- first sign of consolidation. For extremely short-term, the upmove maycontinue but medium term continue to remain negative.

Individually speaking, HLL moved sideways, and the outlook will remainnegative unless it crossed Rs 2380. On the downside, the fall is likely toaccelerate below Rs 2180.

For Infosys, the first resistance is at Rs 6200, and the next major hurdleis at Rs 6800. On the downside, the fall will accelerate below Rs 5700. ForSatyam, the downtrend may gather momentum below Rs 2500. As far as theupside is concerned, above Rs 2700, the short-term outlook will startimproving. The next hurdle for the stock exists at Rs 3000, and the lastresistance is at Rs 3300. For Zee Tele, the short-term outlook will improveabove Rs 440.

The position of Reliance however is much better. The outlook will improveabove Rs 320, and the upmove may gather momentum above Rs 328. On thedownside, the stock has a support at Rs 308.

As for ITC, with a last few minutes selling, the position has turned weak.It fell sharply in the last 15 minutes. In future, unless the level of Rs655 is crossed, the outlook will remain negative. Meanwhile, one can expecta corrective rally on other sensex-based counters like L&T, MTNL, Bhel,Tisco, and Telco.

As for the software sectors, the downtrend has shown a decline, and one canexpect a corrective upmove. However, whether the uptrend will sustain for along time appears doubdtfull. As such, if one take a long positions insoftware stocks, one should be prepare for a fast exit. Stocks likeSilverline, Global Tele, and HFCL appear attract for a corrective rally.