In the process, the index has made a support at 4300 points and unless this level is broken, the short-term outlook is expected to be positive. The level of 4461 points is an immediate resistance for the index.

HLL moved in a narrow range and has displayed some strength. The counter is likely to do well and the uptrend may gather momentum above Rs 222. Reliance also showed a firm close. The level of Rs 418 can be used as stop-loss for long positions. RPL, which has shown a correction in the last three trading sessions, is likely to start its northbound journey once again. SBI remained firm for a major part of the day and the undertone for the counter remains positive. The level of Rs 232 can be used as stop-loss for long positions.

Counters like Bhel, Tisco, IPCL and MTNL may also show a bounce. In case of Tisco, the position will improve further above Rs 161 and the level of Rs 153 is a reference point for long positions.

The performance of Telco continues to be positive. The counter is likely to do well and the unless the level of Rs 107 is broken, the short-term position is expected to be positive. The performance of ITC was far from impressive on Monday. It lost 2 per cent and unless the level of Rs 828 is crossed one should avoid long positions.

The cement counters have also attracted buying interest during the second half of the day. The outlook for these stocks appear favourable and one can expect a positive move in the near future.

The tech counters, which started the day on a weak note, managed to show a firm close. The main trend for counters like Zee Tele and Infosys continue to remain negative. For Infosys, the first major hurdle lies at Rs 6,550 whereas Zee Tele has a strong resistance at Rs 247. Satyam Comp has made a good base at Rs 355 and position will weaken only below this level.

Overall, while old economy is expected to do well in the near future, one can expect a mixed trend from tech stocks. Counters like Tata Power, IPCL, M&M, Telco, Tisco, L&T and ACC appear favourable for long positions.