With the latest fall, the level of 3800 point becomes an immediate hurdle for the index, and the major resistance exists at 3900 points. The level of 3585 is an immediate support.

Eventhough the advance-decline ratio has been positive in the last few days, the undertone continues to remain negative. The ongoing move is more of corrective move, and unless it makes a strong base, a complete reversal is unlikely at this stage.

HLL was the key counter to affect the index performance on Friday. The stock was down more than three per cent. With this, the importance of its first resistance of Rs 180 has increased further, and the short-term position will improve only once this level is crossed.

ITC has also formed a lower top at Rs 775. In case of Reliance, the resistance continues to be at Rs 310. Minor base is being made at Rs 300. Rel Petro did well in the last three trading sessions. The level of Rs 52 can be used as stop loss for long positions.MTNL has also made a fresh reference point at Rs 136 which can be used as stop loss for long positions. On the upper side, immediate hurdle for the stock is at Rs 142. SBI made an attempt to recover. The level of Rs 154 can be used as stop loss for long positions.

Infosys moved in a narrow range, and the level of Rs 7,100 should be considered as a stop loss for long positions.

The performance of Satyam Comp was far from impressive. The stock has made a strong resistance at Rs 350, and unless this level is crossed, the position will not improve. Zee Tele has, meanwhile, made a minor base at Rs 300 which can be used as stop loss for long position. It has a strong resistance at Rs 315. Overall, while the select buying has been witnessed in the past few days, the investors should wait for a proper base for serious long positions.