In the process, the Sensex made a minor base at 4,420 points, which can be used as a reference point by very short-term players. For the future, the 4,500 point level will continue to act as a hurdle in the short-run at least. As for individual stocks, HLL showed weak trend on Thursday, and the outlook will remain under pressure. The stock has made a good base at Rs 242, and the support thereafter exists at Rs 230.

ITC too has shown a weak close. The stock has made a fresh resistance at Rs 785, which will act as a hurdle in the short-term. The outlook will weaken further below Rs 750. Reliance also did poorly on Thursday, and took a resistance at Rs 346. The stock has broken its short-term base, but the position is far from impressive. The next major support for the stock is at around Rs 320. For the future, the level of Rs 346 will act as a major hurdle, and outlook will improve only above Rs 346.

Reliance Petroleum has also shown a dull movement, and the level of Rs 49 will continue to act as a resistance. SBI will improve only above Rs 205, and L&T is likely to remain under pressure, as will ACC.

As for Infosys, the stock has made a small base at Rs 8,000, which can be used as stop loss for short-term players. The outlook will further improve above the Rs 8,400 level. The next major resistance for the stock is at around Rs 9,000.

Zee Tele's position will improve above Rs 510 whereas Satyam Comp has already crossed its short-term resistance. The next hurdle for the stock is at around Rs 680.

Stocks like Silverline, SSI, and HCL Info have also crossed their short-term resistance and are likely to remain firm in the near future.