Among the heavyweights, HLL moved sideways but the outlook is not positive. It has an immediate resistance at Rs 216. The support on the downside is at Rs 198 below which the position will weaken further. ITC still remains below its major support and the downtrend is likely to accelerate below Rs 705. It has a strong resistance at Rs 750. For Reliance, the immediate support is at Rs 340 whereas strong resistance is at Rs 354.

SBI continued to be a poor performer. As the fall has been more than 20 per cent, an upward correction is not ruled out. The position of the stock however is not very encouraging, and one should stay away from the counter. The cement stocks like L&T and ACC managed to attract buying and have showed a corrective move. For medium term players, while the level of Rs 163 can be used as a stop loss level for L&T, for ACC the stop loss is Rs 91. Both these stocks are likely to face selling pressure at higher levels.

Infosys, meanwhile, has closed at around Rs 7,600 which is a major resistance for the stock. The next major hurdle for the stock is at Rs 7,800. On the downside, the position will turn bearish below Rs 7,200. In case of Zee Tele, a strong resistance exists at Rs 470 whereas the position will turn bearish below Rs 415. Satyam Comp also showed a firm close but will face strong resistance at around Rs 530. On the downside, the outlook will turn negative below Rs 470. Overall, though the signs of consolidation have taken place, the undertone will continue to remain negative. While long position for trading purpose can be taken in selective counters, investment position should be avoided.