It is significant that the index reached up to an intra day high of 3067, which was just one point short of the previous high. But on the downside, the intra day low at 3015, was higher than the previous low of 3008. The closing at 3046 was a good 38 points above the opening level of Monday. Wednesday heralds the beginning of the new NSE week and this could lead to renewed investments.

The stochastic indicator on the daily charts is still in positive territory. On the weekly charts, Sensex has support at 2944 on the uptrend slope line. Again on the daily charts 3017 is support point. It is from this level that Sensex broke away on the upside. In fact the index touched 3015 and bounced off today. With such supports Sensex is likely to gather strength on the upside. Bajaj Auto isdown but not out. It could rise again. BHEL and BSES continue to strengthen despite the quick rise of Monday. Castrol might shed some fat, but the scrip is proving treacherous. It rapped many today, by going down only to surge back strongly! Mercifully it closed on the lower side. Volume surge in Colgate surprised many. ITC came down but at Rs 721, it is close to previous support. Larsen & Toubro, BSES and MTNL have refused to be pressed down in profit taking today. Amongst the info-tech stocks in the Sensex, both Infosys and NIIT are holding their ground. In fact NIIT made some improvement. Novartis is stabilising even though it is high priced. Reliance Industries gave away just Rs 0.60 of its Monday's gain. Tata Chem, Tata steel and Telco are all firm and creeping up. Asian Paints has firmed up even though the volumes are low.

Pharma stocks are giving signs of moving up. German Remedies, Glaxo and E Merck could prove profitable. Ranbaxy is still perched on the upgap break. Knoll Pharma's come back from alower opening shows that this sector is once again a favourite.