For Infosys, the top of Rs 8,600 will act as a strong resistance, and unless this level is crossed, the short-term outlook will remain negative. On the downside, the fall may gather momentum below Rs 7,900.

The position of Zee Tele, and Satyam Computers is also far from impressive. In fact, Zee Tele is the weakest of the lot. It has been approaching 52-week low. An immediate resistance exists at Rs 475, and short-term position will improve only above this level.

For Satyam Computers too, the level of Rs 3,100 will act as a strong resistance. One should above long position below this level. On the downside, the fall may accelerate below Rs 2,800.

The position of Reliance is comparatively better, The stock has a good support at Rs 328, and a fall below this level will be bad for the stock. On the upper side, it has a strong resistance at Rs 355.

Besides Reliance, and Hindustan Lever Ltd, ITC is another heavyweight which has done well. The stock is above its medium-term resistance, and the next hurdle for the stock is at Rs 900. On the downside, it has a good base at Rs 715 MTNL may also show a decline as the corrective move seems to be over. The position will improve only above Rs 225. Bhel may also show similar move. Meanwhile, L&T has also done very well, and has posted a smart rally. The level of Rs 255 can be used as a stop loss level for long positions. For the software stocks, the top formed on Thursday have become important reference points. In most cases, the short-term position will improve only above these levels (Thursday's high). Stocks like Silverline, Pentamedia, Zee Tele, DSQ Soft, and Rolta appear very weak.