According to a dealer with a domestic broking house, given the nature of today's trading, 4100-level could be a possibility. "There is no buying interest and supply is coming in aplenty," said the dealer. Additionally, Tuesday is the last day of the current settlement on the NSE, which again would exert some selling pressure on the counters keeping prices depressed.Although the FII figures for Friday show a net outflow to the tune of Rs 3.7 crore only, turnover was at a decent Rs 660 crore. Although they are not remaining in the positive territory consistently, the magnitude of net outflow, which is declining, is a good thing for the market, said a dealer with a domestic broking house.

However, according to an institutional dealer with a broking house, the market appears to have bottomed out and a rally, of 150 to 200 points, from the current level can be expected. According to dealers, FII buying is happening, though in bits and pieces and in select counters only.

Also the dip in the total outstandings is significant. "It means the operators are now in cash and are waiting for an opportunity to enter the market. They only need an initial booster," said a BSE broker. One of the high points of Monday's market was the huge selling in Telco. The scrip on the BSE breached the Rs 100 mark and closed at Rs 93.35. According to dealers, there is concern about the company's ability to carry on the car division with itself and still remain in the black.

Market remained in a narrow range as buying interest was absent in most of the counter. The trading volume has also been low on both exchanges. While a large number of stocks showed a negative close, Pentamedia showed a sharp rally in the second half of the day, and gained more than 6 per cent. Other stocks however remained weak for a major part of the day. HFCL, Global Tele, Infosys, Zee Tele and Wipro showed a negative close. In the non-software segment, while pivotals ITC and Reliance remained weak, HLL showed a positive close.

The trading volume was comparatively low on both exchanges. Meanwhile, the BSE Sensex opened at 4238 points, and touched a peak of 4301.71 points, and closed at 4280.16 points. The low for the day was 4225.57 points. Meanwhile, the S&P CNX Nifty also remained dull and closed at 1336.85 points. The low for the day was 1317.30 points whereas the high for the day was 1343.65 points. The number of advances stood at 618 whereas the number of declines was at 725. Around 121 stocks remained unchanged. The BSE trading volume stood at Rs 2926 crore, and the same figure on the NSE was Rs 4035 crore. Stocks which gained more than 7.9 per cent were: Guj Gas, Smithkline Consumer, Knoll Pharma, Jupiter Orga, Anco Com, Tamil Newsprint, Mobile Tele, Kotak Mah Finance, Amtek Auto, Blue Star, Blue Dart.

Other gainers for the day were: Pentamedia, Dr Reddy, Rel Petrol, ITC Bhadra, GV Films, E Merck, Rhone Poulenc, Hinduja Finance, Carr Aircon, P&G. Stocks which dipped more than 7.9 per cent were: Telco, Bom Dyeing, Peerless Shipping, Krone Com, CMC, Salora Int, ITI, Cybertech, Mirc Electric, Veronica Lab. Other losers for the day were: Bhel, Ashok Leyland, Hughes Soft, Hindlever Chem, Aurobindo Pharma, Advent Comp, Vakrangee, Bharat Forge, Swaraj Engine, VLS Finance.