While this is the broad picture of the Sensex, you become little more intelligent if you browse through all the A group scrips. There you are able to discern a firm undertone across a number of scrips. Prices are creeping up almost silently. But then you see another phenomenon. Profit taking is happening place too frequently, trying to pull the scrip prices back. While this is a frequent pattern, some scrips like the pharma variety try to escape this tendency.

The Sensex opened at 3132, just one point below the previous close of 3133. It moved up to post an intra-day high of 3163, a good 25 points rise over the previous high of 3138. Importantly this high bettered the 3158 level posted two days earlier. In other words prices are making a determined effort to move up.

Thisis again confirmed by the fact that the day's low of 3092 was a good 30 points above the previous low of 3062. But for the yow-yowing being seen in the last several days and frequent profit taking, one would call this almost a firm undertone.

The 7-day Exponential moving average is at 3147. The day's high crossed this average to post 3163, but closed lower at 3096. For Friday, if the current rate of sluggishness does not accentuate further, the 7-day exponential could be at 3124. And the index might be able to close near or above that. If the index succeeds to move above this average over the next 2-3 sessions, one could then sit back and say that the market has reversed.

Earlier it made an unsuccessful attempt to cross over on July 30 and July 31. It was on July 7 that it cut upwards through this average at the level of 3186. The index rose then to a high of 3525 on July 17. On reaction from this level it fell through this average at 3386. For Friday, you could trade with an anticipation of a lower limitof 3093 (if market is firm). On the upside anticipate a range of 3158-3165.