But even if the index takes a break, the undertone will remain bullish and selective counters will continue to attract buying interest. The next resistance for the index is at around 4600 points.

The tech stocks have shown a firm close and may likely to provide a boost in the coming days. For instance, Infosys has shown a firm close. The level of Rs 6,700 could be considered as immediate supports and the position is likely to improve further above Rs 6,900.

Zee Tele has also made a good reference point at Rs 262 for long positions. Satyam Comp remained in a narrow range and the position will improve above Rs 420 drastically. HLL also showed a firm close and the performance may remain positive in the near future.

Reliance may also enter into new territory. The level of Rs 377 should be used as stop loss for long position. Rel Petro is expected to improve further.

The outlook for SBI also remains favourable.
Bhel managed to attract strong buying and gained more than 3 per cent on Thursday. The position will improve drastically above Rs 164.

MTNL has performed well in the recent past and the position continue to remain positive.

As for Tisco, the outlook will improved smartly above Rs 133. Telco's position will also improve above Rs 97.

Tata Tea, which has moved in a narrow range for the last two weeks, may also get out of the range. It has a resistance at Rs 292.

While the undertone for cement stocks remained positive, few counters attracted profit-booking at higher levels.

Grasim and L&T have reacted and the trend may continue to for some more time. GACL closed strong but profit booking may take place at higher levels.

ITC could not do well on Thursday but the outlook continue to remain positive.

Overall, the sentiment will remain positive. While old economy stocks may witness profit booking, the new economy stocks may remain in limelight in the coming days.

Stocks like Tata Tea, Cipla, ITC, Reliance, Rel Petro, Bhel, and M&M appear favourable for long positions.