In terms of technical indicators, the stochastic indicator is at 23.97, some 4 points lower than the trigger line, which is at 27.56. The RSI-indicator too is yet to cross its trigger for an upside move. Never the less there is a good chance of the stochastic indicator crossing its trigger line with some recovery during trading on Tuesday.

At the NSE, the NSE-50 index moved between 1161 and 1180. The index has a support at 1135. But while this may be a goodreference point on a longer time framework, the more proximate support is at 1160. In fact the index actually tested this level, by moving down to 1161. It closed at 1164, some 3 points higher. If the index rises on Tuesday, 1197 could prove to be a resistance level. But that should give enough room for intra-day gains to be made. In fact if the BSE was operating on Tuesday, it had the potential to rise by another 40 points. Roughly this amounts to one per cent recovery.

It is quite likely that traders would end up taking advantage of this potential and pick up selective scrips on Tuesday. But in as much as the trades would have to be squared on Tuesday itself, there is a likelyhood of intra-day profits to be collected on Tuesdy itself.

While HPCL could bounce off from Rs 425, the stochstic indictor indicates sell. So one should be quick to book profit of any rise from the base line. At ICICI it is better to allow the scrip to slide down to Rs 104 before picking up only for intra-day. IDBI continues to beweak technically and one should wait for it to drop to Rs 100 for picking, again for intra-day. IPCL should be allowed to test Rs 75. If that fails then pick it up at Rs 70. And in ITC, pick it up at Rs 750.