Yesterday, I had pointed out that a level of 2840 was within the market's reach. The day's high at 2834 was slightly short of this. The disappointment, however, is over the lack of momentum in the upmove. The daily stochastic indicator is still in the positive territory. ACC is advancing in slow motion, and medium term investors would do well to start accumulating. Bajaj Auto has been repeatedly bouncing from the Rs 530 level.

It slipped a little in terms of closingprice. The scrip is revving up for a break out possibly on the upper side. BSES is about to trigger the buy signal for medium term investors. The short term signal is already on. Castrol is close to its support level of Rs. 621 and, therefore, gives good opportunity. The downside risk is known and minimal.

Grasim is revving up for an upmove despite the cautious move of the Sensex. Gujarat Ambuja would get a support at Rs 215. HLL has come up against a resistance and this is worrying. HPCL has shown that Tuesday's fall was exaggerated. It is on to a recovery path. Medium term investors should find this a good opportunity.

Hindalco has now firmly established its position at the current price level. ICICI's recovery could continue some more. Indian Hotel fell through an important support level and this was a bit of technical surprise. ITC's daily stochastic is still in the buy mode. Reliance has established its base at Rs 112 and the scrip could be on its way back to Rs 119. State Bank is similarly headingfor Rs 162. Surely the market has been hesitant today, but the technical position in several scrips is ripe with upside potential.