In the process, the index managed to come above its first hurdle of 3800 points. The close, however, was still below this level. The next major hurdle for the index would be at around 3900 points. The level of 3645 can be considered as an important support and until this level is broken, the short-term position may remain favourable. The index may make a fresh bottom before reacting to this level.

Among the heavyweights, HLL continued its upward correction. The stock may move sideways in the near future. An immediate support is at Rs 176, and the last base for the stock is at Rs 168. ITC has also come closer to its major hurdle of Rs 785. The level of Rs 745 should be considered as an important support, and all long position should be liquidated below this level.

The performance of SBI was also impressive but the upmove may attract selling pressure at higher level. The stock may take a break before starting its uptrend once again. It also is likely to show a sideway move.

Reliance too may face selling pressure at higher levels. The level of Rs 294 should be considered as an important base.

MTNL also improved on today's trade. of late the stock has been forming higher bottoms. Immediate base for the stock is at Rs 140. For Reliance Petro, the position may weaken below Rs 53.50. The next base for the stock is at Rs 52, and below this level, the medium-term outlook will turn weak.

Infosys opened strongly but failed to show major improvement thereafter. Minor hurdle is at Rs 7,350, and a strong resistance is at around Rs 7,700. Zee Tele also showed a bounce but the stock is yet to move above any major resistance levels. The immediate hurdle for the stock is at Rs 315.

Satyam Comp was the strongest on Wednesday. The stock has a major hurdle at Rs 350, and before reaching the level of Rs 300, it may form a fresh support level.. Overall, a large number of stocks showed positive trend on Wednesday. This uptrend is likely to face resistance at higher levels, and buyers should continue to remain cautious.