Markets shook off fear over what would happen to US markets, post the Fed assessment this evening. Scare in the opening hours did drive the Sensex down to a low of 4643. However, as operators dared to be on the plus side, the index clawed its way back to a high of 4749. Yesterday this column had pointed out that the index has to test the crucial level of 4760. The Sensex could rise only to a level of 4749, that too towards the closing of the market. The index closed at 4749 at the high of the day, which is a bullish factor.

For Thursday the index will face a resistance at 4832. If it breaks this convincingly, the index could proceed to 4980. ACC's technical indicators continue to be positive. ABB is firm but volumes are extremely low. Zee Telefilm has grown weaker and could lose another Rs 45. Wipro moved up but faces resistance in the Rs 2,850-Rs 3,000 region. Thermax saw a large dip with volume. Its weakness continues. Tata Tea is firming up and operators might choose to ride it up. Tata Power is likely to move down further.

Telco is fighting back but with a resistance at Rs 134, it is no great trade. Tata Elixi is growing firmer by the day. Hold on to your scrip. New entries however are not advised! Sterilite is likely to thrust its way to Rs 885.

However, long term investors are advised to book profit on the rise. It is vulnerable now.

SAIL looks attractive and fund managers could come in in a big way. Book your profits at the State Bank counter as it is finding it hard to climb up. SSI is good for a short trade to Rs.3250. Silverline is an excellent speculative opportunity. Buy with a stop loss. Satyam is bullish and could prove to be a speculators flavour for the next 2-3 sessions.

Hang on to Reliance Industries. It is a good short trade for reasonable gain upwards. MTNL is strongly bullish. HLL is moving into new territory. Let your profits grow.