From the Sensex point of view, it has broken all major support levels, andhas closed at its immediate base of 4109 points. With key-index basedcounter remaining depressed, the outlook for the Sensex is far fromimpressive. For the medium term, the level of 4800 will act as a strongresistance. In the short-run, it needs to form a higher bottom, and thatwill take some time.

Individually, HLL is weak, and the next base is at around Rs 2,050. On theupper side, the stock has a strong resistance at Rs 2,550, and unless thatlevel is crossed, one needs to avoid fresh long positions.

Infosys has broken all medium term supports, and appears weak. On the upperside, immediate resistance is at Rs 7,200. The next resistance is at Rs8,400, and long position should be taken only above that level.

The position of Satyam Computers, and Zee Tele is equally bearish. Zee Teleis below all medium term supports, and the downtrend may continue except fewcorrective rally. For Satyam Computers, the next base is at Rs 2,500. On theupper side, the outlook will improve above Rs 3,600.

ITC, however, shown a smart bounce but find it difficult to maintain theuptrend. It has made a good base at Rs 500 which can be used as referencepoint for long position.

Meanwhile, Reliance has shown signs of weakness. It has been forming lowertops, and is close to its medium term support.

A dip below Rs 310 will accelerate the down move. On the upper side, theoutlook will improve above Rs 345.

The position of SBI, and MTNL is worst. SBI has broken its short-termsupports, and a dip below Rs 185 will further weaken the position. On theupper side, immediate resistance is at Rs 192. MTNL is also below its mediumterm supports, and next base is far from the current level. The fall maycontinue on this counter. Ranbaxy is equally bearish, and may fall further.The outlook for other index-based counters like ACC, Bajaj Auto, Bhel, HPCL,and ICICI is also bearish.