The outlook for HLL remains positive whereas ITC may turn weak once it breaks the short-term trendline which would be below Rs 1,080. The next support for the stock lies at Rs 1,063. The fall is expected to accelerate below this level. On the upper side, the stock will be good above Rs 1,115.SBI has shown a strong close on Thursday and is expected to gain further.

The stop loss for long positions should be placed at Rs 236. Reliance may also show a positive trend. Long positions can be taken with a stop loss of Rs 172.

MTNL's technical position weakened further on Thursday. The stock has dipped below the two-month upward trendline, which is a bearish sign. BHEL also showed a fall but the stock is yet to breach the three-monthtrendline. The stock may take a support at this trendline. Besides MTNL and BHEL, the third public sector stock, HPCL, also dipped. The trend is likely to continue.

While positions changed on individual basis, the outlook for the market as a whole has not changed much. The level of 4,083 still remains an important support. For intra-day trading, the level of 4,020 can also be used as a benchmark.

Among the Tata counters, ACC, Telco and Tata Tea showed a dip while Tisco moved up. For ACC, the downtrend may get arrested at the level of around Rs 164 where it has a support. The fall at the Telco counter was also alarming. After breaking the Rs 208 level on Wednesday, the stock broke the Rs 200 level. The outlook for the stock is negative. The southbound journey continued at the Tata Tea counter, and the chances of a change in the trend in the short-term are unlikely. Tata Chemicals, however, may remain firm in the near future.

Among the software stocks, a rally in NIIT was a surprise. With this rally, theshort-term outlook has once again improved for the stock, and chances of a continued run are fair. Infosys is in the correction mode, but may show a spike. Satyam and Pentafour however remained weak. Unless the stock crosses Rs 1,280 level, the outlook for Satyam remains negative. For Pentafour, one can expect a good move above the Rs 1,150 level.