The main contributors to this downfall were Satyam Comp, Infosys, Reliance, Ranbaxy, ICICI and HLL.

For index, the immediate support continues to remain at 3495 points. On the upper side, immediate hurdle should be considered as 3800 points, and the resistance thereafter exists at 3900 points. The under tone is bearish and outlook is far from impressive, and a side-way movement is likely.

Among the heavyweights, even though the position is not very impressive, HLL may show a side-way movement. Immediate hurdle for the stock is at Rs 180. Minor base for the stock is at Rs 163.

As for ITC, strong hurdle for the stock is at Rs 785. On the downside, the position will weaken further below Rs 735.

The position of Reliance is also far from impressive. The stock is below its short-term supports, and immediate resistance for the stock is at Rs 315. Rel Petro has also shown weak signs. It has an immediate hurdle at Rs 56, and the outlook will improve only above this level.

As for stocks like Infosys, Zee Tele and Satyam Comp, the outlook is equally negative. In fact, Infosys has made a fresh resistance at Rs 7,200 and unless this level is crossed, the short-term outlook is unlikely to improve. It has a base at Rs 6,100. Satyam Comp has also made a resistance at Rs 370, and outlook will improve only above this level.

For Zee Tele, the short-term position should improve above Rs 315. The position of other counters like SBI, MTNL, L&T and ACC are also far from impressive. SBI has an immediate hurdle at Rs 165 and unless this level is crossed, one should avoid long positions. In case of L&T, immediate hurdle for the stock is at Rs 162.

Overall, the sentiment is negative, and long position should still be avoided.