The market has back-pedalled and this too has seen wider participation across sectors. Second rung bank stocks and textile stocks took a hit but the star of the day (in reverse sense) was undoubtedly the IT sector, which came under severe pressure. Volume was better while the undertone was subdued.

Sensex -- Last Close: 3043.89 | Support: 3007, 2922 | Resistance: 3110, 3210

Trading Range -- The Sensex opened at 3063.14, moved up to an intra-day high of 3082.21, declined to an intra-day low of 3039.93 and closed at 3043.89.

Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) on higher volume thereby heightening the probability of a further downside today below the 3039 level. Intra-day support comes in at the 3031 level.

Burroughs Wellcome -- Last Close: 286.00 | Support: 266, 240 | Resistance: 300, 315

Trading Range -- The scrip opened at 280.00, moved up to an intra-day high of 286.00, declined to an intra-day low of 267.00 and closed at 286.00.

Review/Outlook -- The scrip has shown short term strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking positive, a further upside seems possible.

HCL Infosystems -- Last Close: 95.75 | Support: 93, 86 | Resistance: 102, 113

Trading Range -- The scrip opened at 100.95, moved up to an intra-day high of 102.10, declined to an intra-day low of 095.00 and closed at 095.75.

Review/Outlook -- The scrip has given a downward "key" reversal (bearish intra-day pattern) and with the mechanical indicators supporting the move, a further downside cannot be ruled out.

Ranbaxy -- Last Close: 638.55 | Support: 636, 620 | Resistance: 650, 671

Trading Range -- The scrip opened at 644.90, moved up to an intra-day high of 644.90, declined to an intra-day low of 637.60 and closed at 638.55.

Review/Outlook -- The scrip has reflected weakness by slipping below the 55 day average and with the oscillators in a similar vein, further depreciation seems to be on the cards.

Shipping Corporation -- Last Close: 67.35 | Support: 65, 56 | Resistance: 73, 84

Trading Range -- The scrip opened at 70.90, moved up to an intra-day high of 70.90, declined to an intra-day low of 67.00 and closed at 67.35.

Review/Outlook -- The scrip has reflected weakness by forming a lower top, lower bottom formation - a further downside cannot be ruled out.

Stock Track

Scrip Support Last Close Resistance Trend ACC 127, 115 132.80 135, 143 Tu HLL 141, 127 148.20 155, 163 Tu INFOSYS 2405, 1897 2788.95 2985, 3468 Sd ITC 665, 592 701.10 729, 802 Tu MTNL 95, 85 95.25 103, 115  Sd RIL 269, 242 269.05 302, 324 Tu SATYAM 149, 113 168.70 173, 199 Sd SBI 314, 293 318.05 333, 358 Up TELCO 148, 135 161.95 168,186 Tu TISCO 131, 125 138.95 139, 150 Up 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