The Reliance results finally seem to have given a direction to the market, albeit a downward one at that. The undertone appears distinctly weak and the Satyam results might just add fuel to the fire.

Sensex -- Last Close: 2947.33 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range - The Sensex opened at 2997.34, moved up to an intra-day high of 3009.01, declined to an intra-day low of 2943.45 and closed at 2947.33.

Review/Outlook - The Sensex has reflected weakness by posting a 5 ˝ month low and also by giving a downward "bar" reversal (a bearish signal), while further downside below the 2943 level cannot be ruled out.

ABB -- Last Close: 310.45 | Support: 306, 288 | Resistance: 316, 330

Trading Range - The scrip opened at 316.40, moved up to an intra-day high of 316.40, declined to an intra-day low of 310.00 and closed at 310.45.

Review/Outlook - The scrip has given a bearish intra-day pattern indicating its intention to depreciate further below the 310 level.

MTNL -- Last Close: 92.65 | Support: 85, 63 | Resistance: 95, 103

Trading Range - The scrip opened at 95.45, moved up to an intra-day high of 96.00, declined to an intra-day low of 92.05 and closed at 92.65.

Review/Outlook - The scrip has closed below its support level of 95, indicating weakness and heightening the chances of an intra-day downside.

BASF -- Last Close: 91.80 | Support: 86, 80 | Resistance: 93, 97

Trading Range - The scrip opened at 92.50, moved up to an intra-day high of 93.30, declined to an intra-day low of 91.75 and closed at 91.80.

Review/Outlook - The scrip has closed below the 92 (after hanging on to it for 4 trading sessions) level and also below the 14 trading sessions lows - downside seems possible.

Cipla -- Last Close: 700.45 | Support: 691, 670 | Resistance: 716, 747

Trading Range - The scrip opened at 719.90, moved up to an intra-day high of 721.45, declined to an intra-day low of 699.00 and closed at 700.45.

Review/Outlook - The scrip seems to have finished a prolonged distribution pattern and with the oscillators reflecting weakness a downward breakout seems imminent.

Stock Track

Scrip Support Last Close Resistance Trend ACC 127, 103 133.60 135, 143 Td HLL 127, 111 140.15 141, 155 Td INFOSYS 2405, 1897 2881.00 2985, 3468 Td ITC 592, 541 664.00 665, 729 Sd MTNL 85, 63 92.65 95, 103 Td RIL 269,242 270.65 302,324 Td SATYAM 149, 113 149.75 173, 199 Sd SBI 276,258 287.40 293,314 Sd TELCO 148,135 153.20 168,186 Td TISCO 125, 118 128.35 131, 139 Dt 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