Old economy stocks continue to get buying support and the trend is likely to continue in the near future. While the index gained 16 points, there has not been major change in its position. The nearest resistance continue to be at 4220 points.

Infosys opened strong and held strong for major part of the day. The level of Rs 6,400 will continue to act as the first major hurdle. The level of Rs 6,045 should be considered as an immediate base. Satyam Comp continues to remain in a narrow range and its position is likely to improve above Rs 390.

In case of Zee Tele, the first hurdle lies at Rs 235. Among the heavyweights, HLL managed to gain smartly. The level of Rs 217 will act as major hurdle for the stock. The level of Rs 210 should also be considered as a resistance. The level of Rs 192 is a major base. Reliance remained dull for a major part of the day and then showed a decline. The outlook for the counter continues to be positive. The undertone for Rel Petro also remains positive. SBI came under selling pressure and the next support for the stock lies at Rs 214. MTNL showed a slowdown in its fall and a bounce is not ruled out. Bhel also attracted buying. The position for the stock will further improve above Rs 157.

Tisco and Telco attracted strong selling pressure and one should wait for the consolidation process. Tata Tea failed to show a positive move but the stock is yet to break its first support at Rs 272.The performance of the cement sector was positive. GACL gained smartly.

Grasim too moved above its major hurdle of Rs 308. L&T and ACC also gained but the move was not significant. For ACC, the position will further improve above Rs 157. Overall, while the tech stocks continue to show a mix trend, the position of old economy stocks have shown an improvement. Selective buying in old economy stocks is likely to continue.