The market opened on a positive note at 5373 points, jumping 71 points over the previous close of 5302. It posted a high of 5431, which could not surpass the previous high of 5479. It dipped to a low of 5101 and closed at 5129 losing 173 points day over day.

Bajaj Auto recovered, but is coming up against a technical resistance at Rs 316. Bhel is resisting further downside pressure. BSES is enticing punters, but I do not rule out the possibility of it moving down to Rs 227. Grasim looks weak. HLL is positive and could move up further. HPCL is neither bulllish nor bearish. Hindalco has weakened again after showing signs of recovery. Book profit on ICICI; it could go down much further. Indian Hotel should find support at Rs 244. Book profit on ITC, as it is likely to invite shortsellers! Mahindra & Mahindra is bullish.

MTNL could throw a surprise. It could test the Rs.280 mark and may go down! Nestle has recovered enough and is up against a resistance. Reliance is into dangerous territory. Do not go long on it. But getting out is fine. Best do let it prove its technical credential by recovering on the upside.

Wait for SBI to hit Rs 150. Cling on to Bharat Petro, unless it breaks down sizably. BPL could now ride the bull train. Stay invested in Britannia. Book your profits in Cadbury on the rise and enter later. Book profit on Dr Reddy and enter lower. If it crosses Rs 1418, go long again. Go long on Finolex Cable. Stay invested in German Remedies. Hero Honda could react, but that would be a great opportunity to log in. ITC Bhadra will rise to Rs 42.60.

Let Larsen drop to Rs 174. Parke Davis is ideal for a short spurt. At Pentamedia, do not be in a hurry to buy in, not yet! Reckit thinks enough is enough, not down any more!

A number of scrips hit the downward circuit.Amongst these were several software firms like Sibar Software, Sawca Communications, Synergy Log, NIIT, Pentasoft, Yash Management, Vans and ITI. Vikas continued to go down.