The current fall do not change the market position drastically. The level of 3800 points will continue to act as the first resistance, and the next hurdle for the Sensex would at around 3900 points. On the downside, the 3585 point is the immediate support. Any attempts to reach the level of 3800 point will be faced by heavy selling pressure.

Individually, HLL has managed to form a base at Rs 168 which can be considered as an immediate stop loss for long position. On the upper side, immediate hurdle for the stock is at Rs 182. In the case of ITC, the resistance exists at Rs 775, and unless this level is crossed, the stock will remain under pressure.

For Reliance, the outlook will improve only above Rs 310 level, while Reliance Petro has an immediate hurdle at Rs 59.

Among the tech stocks, Infosys has made a strong resistance at Rs 7,250, and the short-term outlook will improve only above this level.

The position of Zee Tele has further weakened on Monday. The stock came close to its first base of Rs 280, and the position will further weaken below this level. The level of Rs 315 is a major resistance, and unless this level is crossed, long position should be avoided.

The performance of Satyam Computer was also far from impressive. The next base for the stock exists at Rs 291.

Among the other stocks, the position of L&T has turned weak. The stock has dipped below short-term supports, and has an immediate hurdle at Rs 161. And unless this level is crossed, one should avoid long positions.

MTNL remained firm on Monday, and has made a good base at Rs 136 which can be considered as stop loss for long position. As for SBI, the immediate hurdle exists at Rs 162, and the next resistance is at Rs 166. Overall, the outlook is far from impressive, and values may show a lateral movement in the near future.