Mumbai, November 27: The Sensex has gained a hefty 93 points. What stance should you take? The weekly chart has been presented alongside to give you the right perspective. In this chart, 3758 and 3708 prove to be the left and right shoulders of the Sensex as it rose and fell. So the sensex could see resistance at around 3700 level. Currently, the momentum is excellent and it may carry the sensex right through northwards.

The 10 day exponential moving average for the sensex is now at 3551.01, which means that at yesterday's closing, the market is already 77 points above the average of the last 10 days. And if you consider a slightly longer period, the 40 days simple moving average is at 3815.79. In terms of individual scrips, the high intra day movement seen in several scrips like ACC, Bajaj Auto, Colgate and a few others indicate speculators trying to play the usual game of trying to take the market up as high and as soon as possible. But today being Friday, be on the look out for the emergence of profit booking on these counters.

On Tata Chem, I suggest book profit and re-enter again. SBI could be heading for a target of Rs 233. Nevertheless, I suggest a low entry close to Rs 212. Reliance could see resistance at Rs 175. Tisco has potential to move up to Rs 146. I advise you to consider this on ACC. The scrip has moved up briskly after the bad results. It had long established a steady price level to suspect any short selling and therefore covering up, which in turn could have led to today's rise. On the other hand, what you should be on guard is this possibility. Punters who have been supporting the scrip at this price could have been shocked at the result and may be taking the price up to mislead others. That would help them to get out without much damage. In any case, I should also say that the scrip has been attracting institutional and FII buying at those levels before the results were out!

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