With the latest rise, the index has come very close to its first hurdle of 4200 points, and the next resistance for the stock lies at 4332 points. On the downside, the level of 4110 is the first support level. The Sensex had formed a gap between 4067 points and 4180 points. While gaps are normally filled, this one is yet to be filled completely.

Among the heavyweights, HLL remained in a narrow range, and has made a small base at Rs 205. The uptrend may gather momentum above Rs 212. Reliance also improved and made a very good reference point at Rs 356, which should be used as stop-loss for long positions.

Reliance Petro also made a minor base at Rs 59 whereas the resistance will continue to be at Rs 62.5. SBI also remained mixed and the position is likely to improve further above Rs 220. The level of Rs 210 should be considered as stop-loss.

MTNL also remained firm and the close was positive. The base of Rs 186 should be considered as stop-loss for long positions.

For Bhel, the level of Rs 153 should be used as stop-loss. It has a major hurdle at Rs 172. The fall on the Tisco counter showed a slowdown. The level of Rs 132 should be considered as an immediate support. Telco remained volatile and made a resistance at Rs 107 above which the position will improve drastically. The cement stocks meanwhile showed a mixed performance.

ACC has made a support at Rs 160, which should be used as stop-loss.In case of Grasim, 285 is fresh support level. For L&T, Rs 202 is the stop-loss for long positions. Gujarat Ambuja, however, is yet to make any important reference point. While old economy stocks remained mixed, new economy stocks continue to attract buying and gained smartly. Satyam Comp was major gainer.

There has been a one-way from Rs 340. Since the move is more than 20 per cent from the base of Rs 310. The uptrend is likely to show slowdown.

Infosys has also shown a smart improvement. Here too, the uptrend may slowdown. As for Zee Tele, the level of Rs 283 will continue to act as strong resistance. The level of Rs 261 is a good support level. Overall, while selective buying is likely in old economy stocks, the new economy stocks may face selling pressure at higher levels.