The only counter which acted in favour of the index was Reliance. During the last one hour of trading, the counter attracted strong buying and gained 3 per cent. In the last trading hour, around 115 lakh shares were traded on the counter. The stock closed at a new high. The performance of tech stocks remained mixed.

For the index, the level of 4350 points can be considered as an immediate base and the position is likely to improve above 4395 points. HLL showed a dip but the fall may show a slowdown. The level of Rs 220 is a major hurdle now.

As for Reliance, the outlook is positive. The level of Rs 397 should be considered as immediate stop-loss for long positions. On the upper side, it does not face any resistance.

The outlook for RPL also appears positive. The next hurdle for the counter is only at around Rs 75 whereas the level of Rs 68 can be used as stop-loss for long positions.

The performance of ITC remained dull and unless the level of Rs 825 is crossed, the position will remain under pressure. The fall on the SBI counter may show a slowdown.

Bhel has shown a bounce and the level of Rs 178 can be used as stop-loss for long positions. The position will improve above Rs 186. For Tisco, the level of Rs 155 should be considered as the first reference point for long positions. Telco's position will improve above Rs 101. In case of Tata Tea, the outlook will improve further above Rs 305.

The performance of the cement counters remained mixed. For ACC, the position will improve above Rs 190. In case of Grasim, the first resistance is at Rs 325.

As for tech stocks, one can expect a mixed trend. Infosys' position will improve above Rs 6,550 and the level of Rs 6,300 should be used as stop-loss. Satyam Comp has a hurdle at Rs 376 and the position will improve above this level. In case of Zee Tele, the first resistance is at Rs 240 and the next hurdle lies at around Rs 260.

Overall, selective buying may emerge in old economy whereas tech counters may also show a mixed trend. Counters like Reliance, RPL, Dig Equipment, Bhel, ICICI and BSES are expected to remain positive.