Despite a gain in index, the undertone is yet to show any improvement. Even the current upmove, which is more of a corrective nature, lacks steam. The medium term outlook will be determined by the nature of the current corrective move.

Even if the bounce is not very significant, the fall on the downside will be extremely sharp. More the Sensex remains in a narrow range, more the momentum on the downside will be. As such, while trader can participate in the corrective uptrend, investors should remain away from buying.

Among the heavyweight, the outlook for HLL is yet to improve. The level of Rs 216 will continue to act as a hurdle. Immediate support for the stock is at Rs 212.

ITC, meanwhile, showed a positive close but the position is far from impressive. The downtrend will gather momentum below Rs 705. SBI showed a corrective move but is likely to face a selling pressure at higher levels. MTNL has also shown a bounce and has come closer to its immediate hurdle of Rs 122. The next resistance for the stock is at Rs 128. Reliance showed a mix trend, and the position will weaken below Rs 340.

Infosys managed to cross above Rs 7,600 resistance. The close however is not very far from this level. The next hurdle for the stock is at Rs 7,900. The medium term position of the stock will weaken below Rs 7,200.

Zee Tele will face a resistance at around Rs 470. Immediate support for the stock is at Rs 435 and the next major support for the stock is at Rs 415. In case of Satyam Comp, strong resistance is at around Rs 520. It has a good base at Rs 470.Overall, the undertone is bearish. At best, a corrective move is likely which is difficult to sustain itself at higher levels.