While Reliance and HLL gave a boost to the index, a major part of gain was offset by Infosys which dipped sharply. The net gain at the end was just 8 points for the index.

While the sentiment has been positive, the short-term support for the index is at 4570 points, and the last base for the Sensex is at around 4380 points. On the upper side, the major hurdle for the Sensex is at around 5000 points.

Individually, HLL has moved above all short-term resistance, and for this reason, it may show a firm trend in the near future. For ITC, the outlook will improve above Rs 785. The stock has a good support at Rs 755 below which the position will weaken.

SBI has also shown a firm trend, and is above its short-term hurdles. The next major resistance for the stock is at around Rs 235. Infosys did poorly on Wednesday. The stock has a strong hurdle at around Rs 8,700 but above this level, the medium term outlook for the stock will improve.

Zee Tele has also made a strong resistance at Rs 555, and the position should further improve above this level. The performance of Satyam Computers however was better. The stock is above its short-term resistance, is likely to do well in the near future. The stock has a good base at Rs 600.

The performance of Reliance has also been encouraging in the last three trading sessions. The stock is close to its major hurdle of Rs 370. Outlook will turn bullish above this level.

Reliance Petro has also consolidated itself, and may show an uptrend. The stock has a good base at Rs 47 which can be used as stop loss for long positions. Ranbaxy may also do well. Overall, the sentiment is positive, and stocks are likely to do well especially the second rank stocks. Selective investment can be made in second rank stocks.