The level of 4,200 continues to remain as a major resistance whereas immediate hurdle is at 4,120 points. On the downside, immediate base is at 4,040 points, and the next support is at 4,000 points.

While the fall has shown a slowdown and index has closed in positive territory, the outlook is yet to improve. While a corrective move is not ruled out, the chances of a fresh downtrend are quite high. Investors should continue to stay away from long position. Even if one dares, the stop loss should be very tight for long positions. HLL has shown a bounce on Friday but will find it difficult to sustain it. Immediate hurdle for the stock is at Rs 216. The level of Rs 200 can be used as fresh reference point for long positions.

ITC remained dull and the position is not showing signs of any improvement. The fall will accelerate below Rs 700.In the case of SBI, a large portion of fall has occured and a corrective move is not ruled out. For L&T too, a corrective move is likely but a fall below Rs 160 will bring the stock in fresh downtrend. Reliance meanwhile may show a sideway trend. It has a strong resistance at Rs 354. Bhel has shown a sharp fall in the last two days but the position is from improve.

MTNL has done badly on Friday, and the position may weaken further. Immediate resistance for the stock is at Rs 113. As for Infosys, the stock is yet to move above its major hurdle of Rs 7600. Immediate support for the stock is at Rs 7250 which can be used as stop loss by those who hold long positions. Fresh long position should be taken only once the level of Rs 7600 is crossed. Zee Tele has above its short-term hurdle and the level of Rs 420 can be used as stop loss. For extremely short term, the level of Rs 435 can also be used as stop loss. Satyam Comp meanwhile still remains below its major hurdle of Rs 500. The position will weaken below Rs 470. Overall, one should stay away from long position.