What was seen on these two counters was repeated in several other counters - namely scrips failed to go below the previous low and made marginal gains. Of course, there were exceptions.

But when you look at the stabilisation at the RIL and SBI counter, the hunch you get is that the spell of selling down is coming to an end. For the Sensex, the opening and low at 3107 was almost level with the previous low of 3108. And the close was higher at 3120. The stochastic indicator isstill in sell mode but would change when the stabilisation process is confirmed some more.

Irrespective of this position, the market has given many signals of the selling coming to an end. We have a good combination of stabilised prices and the opening of the new NSE week account on Wednesday. That should reinforce the recovery. SBI and RIL both offer good opportunity, as indeed ITC. ITC has been subdued with criticism of the parent supporting siblings with cash. Nevertheless, it has stabilised and is primed to make an upmove however weak that may be.

MTNL continuing its strident upstance is another indicator that the market is stabilising. ICICI too made a come back recovering the previous day's loss. Indian Hotels has attracted huge volumes. The scrip had earlier declined to Rs 381 from Rs 514. The decline from Rs 381 to the current level is perhaps exaggerated and the scrip could recover all the way back to Rs 381. The high volume indicates investment buying. Other long term investors should think itover.

BHEL, BSES, HPCL, IDBI, ITC, SAIL, Telco and Tata Chem offer scope for an upmove. Larsen might be close to its decline. The pattern of decline in M&M suggests quick recovery when that happens. Imaginative players can accumulate now.