Whatever support the index received was from stocks like MTNL, HLL and Ranbaxy. The fall of 43 points should mainly be credited to Infosys, Zee Tele, Satyam Comp, Reliance and L&T.

For one more day, the Sensex did come close to 4,200 points level but failed to cross it. With this attempt, from the index point of view the importance of this level has further increased. The short turn outlook will improve only above this level.

As for the downside, the fall may gather momentum in the near future. And the trigger can come from tech stocks.

The position of tech stocks has weakened further. The top formed on Thursday in nearly all the top tech stocks can be referred as a major reference points. These levels will act as a major hurdle and unless these levels are crossed, long position should not be taken in these counters. As for downside, the fall may gather momentum in coming days.

In case of Infosys, the level of Rs 7,710 can be considered as a major resistance and the outlook will improve only above this level. On the downside, it has a support at Rs 7,250.

The position of Zee Tele is no different. The level of Rs 456 is a major resistance and the outlook will improve above this level. The position is weak as the stock is below all short-term supports. For Satyam Comp, the fall may gather momentum below Rs 470. Among other heavyweights, HLL has made an attempt to improve. The position however is far from impressive and the outlook appears weak. ITC has also made a strong resistance at Rs 745 and unless this level is crossed, one should avoid long positions.

Reliance showed a weak trend and the downtrend may continue. Immediate support for the stock is at Rs 335. It has a major resistance at Rs 348. SBI is weak but a corrective move is not ruled. The short-term corrective move on MTNL counter seems to be over, and it may face strong selling pressure at higher levels. The position of stocks like L&T, ACC, Guj Ambuja and Grasim may weaken further. Overall, the downtrend may gather momentum and long position should be avoided.