The latest does not come as major surprise, and the level of 4790 points will continue to serve as an important hurdle whenever the market makes an attemp to show a rally.

Individually, HLL has come close to its an important base of Rs 235 and is likely to get some support around these levels. Overall, a sideway move is likely on this counter.

As for ITC, although the stock has shown a fall on Friday, the position has not weaken much. Since the stock is above its short-term resistance, and the stock has taken a rest of nearly two days, one can expect a positive move in the next two days. The outlook will turn bullish above Rs 860. RIL may also show a similar move. After touching a new high last week, the stock has shown a slide, and since the main trend for the stock is positive, a sharp drop appears unlikely. The level of Rs 390 however will as a strong hurdle and may not be crossed in the next few days. One can expect a side-way movement on this counter.

Satyam Comp, Zee Tele, and Infosys however have shown weakness. Zee Tele appears worst of the lot. The stock has broken an important base of Rs 530. It has a made a strong resistance at Rs 565, and unless this level is crossed, the medium term position of the stock will remain negative. Satyam Comp has also broken its immediate supports, and may show a upward move to form a lower top.

In case of Infosys, the importance of Rs 8900 level has further increased, and unless this level is crossed, one should avoid buying. The stock may show a downward move in the near future. The position of other counters like SBI, L&T, ACC, and Tisco is also far from impressive. As for the software sector, a large number of stocks have formed a lower top, the short-term position of these stock is far from impressive. One should avoid fresh long position on these counters. Dig Equipment, DSQ Soft, NIIT, and Aptech appear very weak.