It has recovered from its low of Rs 279. Bhel failed to improve and weakened. Volumes in Tisco continue to be indifferent and the scrip is resting at its base line. However, Tata Power decided to move up further. This would be a higher bottom, on its recovery from the low of Rs 68. At Telco, volumes have dropped by half and the scrip is listless. However, Tata Chem is attracting higher volumes, but would need more consolidation. With bottom risks limited, fund managers could build their aggregates slowly.State Bank has failed to attract increasing volume. Volume rise is small. The scrip is close to its baseline.

It is good for day-to-day trading, but does not look attractive beyond that.Reliance, where volumes have shrunk, however, holds some more potential for short term traders. In contrast to these, Ranbaxy could prove to be more worthwhile. Same is the case with Novartis.

Among infotech stocks, there is recovery at the NIIT counter, but the fact remains that the scrip is trapped in a band though at a rise. Infosys too has recovered, but the volumes are small. IDBI is rising with volumes. ICICI moved up with a gap, which is a bullish indicator technically. Hindalco is seeing cautious accumulation. The interest in HPCL has halted though. HLL has the potential to haul the Sensex up. ACC and Grasim are bullish. The short-term technical indicators for the market are bearish, but the long term indicators are bullish.

The signal is to accumulate in decline for profit-booking next year. Amongst FMCG Nestle has turned vibrant. MTNL has stabilised, though volumes are small. ITC went down again, but volumes had more than halved.