As far as individual stocks are concerned, HLL has moved in a narrow range, and unless the level of Rs 248 is broken on the upper side, the rally will not be impressive. On the downside, it has a support at Rs 232 below which, the position will weaken, and the bears will have a strong hand.

For Infosys, the outlook continues to remain negative. The stock will face strong resistance at around Rs 6,900, and the next hurdle is at Rs 7,000. On the downside, it has a support at Rs 6,400, and outlook will weaken further below this level. Meanwhile, Satyam Computers has shown a smart rally in the last one hour of trading on Wednesday, and unless the level of Rs 2,340 is broken, the short-term outlook will remain positive. The uptrend may accelerate above Rs 2,500.

For Zee Telefilms, the stop loss for long position is Rs 420. It has a strong hurdle at Rs 470.

ITC has made a good base at Rs 735 and the outlook will weaken below this level. SBI has shown a steady upmove but may find it difficult to sustain. It has a minor base at Rs 198 which can be used as stop loss for long position.

Reliance has also moved in a narrow range and has made a support at Rs 335 which should be used as reference point for short-term position. On the upper side, it has a resistance at Rs 350. Other stocks like Bhel, MTNL, and ICICI may also remain under pressure. Meanwhile, the fall in software stocks has shown a slowdown, and one can expect a corrective rally. However, since the main trend is down, one should avoid taking long positions at this juncture.