The market opened on a weak note with Sensex at just 2 points above the previous close at 3906.74. It went up just 9 points to post an intra-day high of 3915.43, distinctly lower than the previous high of 3934. The low for the day was 3870.76, with the market closing at 3875.06. At close the Sensex had lost 33 points over the previous day.

The loss is widespread right through all the Sensex scrips. The exceptions are the two cement scrips, ACC and Gujarat Ambuja Cements and the petro scrip HPCL. ACC gained 1.15 per cent. Technically ACC has leapt over the Rs 1836 barrier. The market rumours keep the scrip floating on the higher range. One can hold on, as further developments could bring in additional gains.

Gujarat Ambuja has seen a sudden spurt in volume. Fresh entries could be made at Rs 295, should the opportunity arise. The same vigouris missing in India Cement, which is heading south! HPCL has made the first stabilising move. But BPCL has made a dive southwards, and Cochin Refineries stays put.

Hindalco's continued weakness is an indication of the state of the market. This comes despite reports of a plant cutting down its production in far east. Nalco is close to its previous bottom but is attracting only small volumes. Indal is racing up but there is not much volume play here. May be the risk of the game is reflected in the volumes.

ITC is weak and could move down! It could be a good short selling target, except that you need to be cautious of the new NSE week opening on Wednesday. On the other hand, some may take advantage and sell short above Rs 815, given the present mood of the market. Reliance is stabilising.

Should the market move down, it would offer a buying opportunity at Rs 177 or close to it.

SBI has failed to hold by the Rs 252.50 level. Should it continue to drift south, look for opportunity of a bounce back at Rs242! Federal Bank on the other hand has technical potential to move up further. So hold and buy on declines. It has attracted fair volumes as well. Bank of India too has a similar position. Bank of Baroda is heading south. If in profit collect yours, yet! HDFC bank too shows sign of moving up. BSES is refusing to add strength. You might as well not waste your attention, money and effort here.

ICICI has a technical trigger for short term sell. You can collect your profit and get out as the scrip has failed to move up. The market mood seems to affect the scrips momentum.