Though there has been some recovery in the second rung IT stocks, the heavyweights still remained under pressure. The undertone is still weak while the market searches for stability.

Sensex -- Last Close: 2997.87| Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range: The Sensex opened at 3030.46, moved up to an intra-day high of 3048.07, declined to an intra-day low of 2962.97 and closed at 2997.87.

Review/Outlook: The Sensex has been battered down badly while the intra-day charts seem to suggest an oversold situation. It could remain range bound with a mild bias on the upside while a breach of the 2962 level could see more weakness coming in.

BPL -- Last Close: 26.60 | Support: 26, 24 | Resistance: 28, 26.60

Trading Range: The scrip opened at 25.40, moved up to an intra-day high of 27.10, declined to an intra-day low of 25.30 and closed at 26.60.

Review/Outlook: The scrip has staged an intra-day recovery after a 4 trading session decline. It has also closed above its resistance level of 26 indicating scope for a further upside.

MTNL -- Last Close: 94.40 | Support: 85, 63 | Resistance: 95, 103

Trading Range: The scrip opened at 101.00, moved up to an intra-day high of 101.35, declined to an intra-day low of 93.50 and closed at 94.40.

Review/Outlook: The scrip has reflected short-term weakness by closing below its support level of 95 and a further downside cannot be ruled out.

Sterlite Optical -- Last Close: 31.70 | Support: 30, 27.10 | Resistance: 33.65, 38.45

Trading Range: The scrip opened at 30.90, moved up to an intra-day high of 32.20, declined to an intra-day low of 30.00 and closed at 31.70.

Review/Outlook: The scrip has recovered smartly from lower levels to end in positive territory. This positive move seems set to spill over to today's trading session also.

Voltas -- Last Close: 50.00 | Support: 50, 47 | Resistance: 52.50, 55

Trading Range: The scrip opened at 52.00, moved up to an intra-day high of 52.50, declined to an intra-day low of 50.00 and closed at 50.00.

Review/Outlook: The scrip has breached a minor demand line indicating weakness while a breach of the psychologically important level of 50 could mean further downside.

Stock Track

Scrip Support Last Close Resistance Trend ACC 135, 127 141.30 143,148 Td HLL 141,127 142.55 155,163 Dt INFOSYS 2405, 1897 2617.50 2985, 3468 Dt ITC 665, 592 674.90 729, 802 Tu MTNL 85, 63 94.40 95, 103 Sd RIL 269,242 293.05 302,324 Sd SATYAM 113, 88 144.75 149, 173 Dt SBI 276,258 287.75 293,314 Tu TELCO 148,135 160.60 168,186 Td TISCO 131,125 136.85 139, 150 Sd GLOSSARY : CMP - Current Market Price, MACD - Moving Average Convergence Divergence, RMI - Relative Momentum Index, RSI - Relative Strength Index, ROC - Rate of Change, EMA - Exponential Moving Average, CMP - Current Market Price, Cls - Closing Price, Support - Level where buying can be expected, Resistance - Level where selling can be expected, Tu - Turning Upwards, Td - Turning Downwards, Sd - Sideways, Up - Uptrend, Dt -Downtrend. DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice. Sebi Disclosure: The author has no positions in the stocks mentioned above