From the index point of view, the level of 4180 points is an immediate resistance, the next hurdle being 4332 points. As for heavyweights, HLL managed to show a smart jump and has moved above its first resistance at Rs 212. The level of Rs 196 is stop-loss for medium term positions. ITC showed a corrective move. While the first reference point is at Rs 950, a side-ways move is likely.

Reliance also attracted selling pressure at higher levels. The stock may take a break before it starts its next upmove. Reliance Petro also falls into the same category. MTNL too reacted and the level of Rs 196 is the fresh resistance point. The level of Rs 174 should be considered as an important support.

Bhel also showed a sharp dip. The level of Rs 171 is a fresh resistance point for the counter. The fall may show a slowdown in the coming days. SBI may also show a sideways move. Cement stocks witnessed selling pressure at higher levels. ACC was the least affected. The stock may rest for some time before it starts a fresh uptrend. For Grasim, the level of Rs 308 is the fresh resistance point.

Gujarat Ambuja has also made a resistance at Rs 167. In case of L&T, the level of Rs 220 is an important resistance. The fall may show a slowdown.

While old economy stocks witnessed selling pressure, the performance of new economy stocks was impressive. While the jump has been impressive, one should wait for fresh commitment. One should wait for consolidations and then take any long positions. Overall, the trend is likely to be mixed for old as well new economy stocks.