For the Sensex, immediate resistance exists at 4940 points, and on the downside, it has a strong base at 4620 points. The short-term outlook will weaken only below this level.

Overall, the Sensex is likely to show a mixed trend. A two-hour trading on Friday can also affect the sentiment, and the trading volume is likely to remain at low levels.

As for individual stocks, HLL has made a strong resistance at Rs 290 which will act as a major hurdle in future.

For Infosys, the level of Rs 8,800 will remain as a major hurdle, and outlook will turn bullish above these levels. On the downside, the stock has a support at Rs 8,200. The last base for the stock is at Rs 7,900.

While the overall market remained in a narrow range for the last few days, Reliance has steadily improved its position. On Thursday, this stock closed at an all-time high of Rs 364 and appears very strong as it is about to enter no-resistance zone. It has a good base at Rs 345, and the last support for the stock is at Rs 330. Satyam Computers has showed a correction in the last two days, and outlook will remain negative unless the level of Rs 3,400 are crossed. It has a strong base at Rs 2,750.

Zee Tele has also showing signs of consolidation. It has made a good base at Rs 440 which can be used as a stop loss for long position. On the upper side, the upmove may gather momentum above Rs 470. Besides Reliance, ITC is another Sensex based counter which has done well in the recent past. The stock is above its medium term resistances, and is likely to do well. It has a good base at Rs 780, and the next support for the stock is at Rs 770. L&T has also done well. It has an immediate support at Rs 275, and the next base exists at Rs 240. Meanwhile, SBI, and MTNL have shown a sideway movement. SBIhas a resistance at Rs 236 above which the short-term outlook will improve. And below Rs 226, the position will turn weak.

For MTNL, the first hurdle is at Rs 225 above which outlook should improve.Among the software stocks, Global Tele and Digital Equipment are the weakest as these stocks are below their medium term supports.