Trend resolution is what was being expected but to the upside. Though the day wore its usual dull look much of the time, the soft numbers from TCS will impact trends negatively. Infy and Wipro ADRs went down immediately in the evening. So it is looking like a downside resolution now. Gift Nifty hinting at a wide gap down open.

Well, that will break the lower band mentioned yesterday and then the Nifty can get pushed down towards 25300 and if beyond that to 25200. The top of the earlier consolidation was at that level and will or should function as the next immediate support.

Is the trend then damaged? Only the very short term- but that was down anyway. So, this will be just an extension of the same. But the bigger trends? That will need more doing by the bears. One TCS result is not going to do it. Something to watch will be whether the second rung of IT stocks are impacted. I reckon they may not and hence any weakness in them may present us with an opportunity.

25400 on wards call shorts dominate. Put shorts near the money still indicates, though, that the bulls are willing to make a game of it. So, dont go in with any predetermined idea Let the market play its hand in the first 30 min. Then assess.

Despite the dullness, Nyka and Icici Pru, that had been flagged, did well.
TCS has a support at 3230. Below that, declines may ensue. Tata Elexi was the other result that was disappointing. More declines likely if below 6085 here. Co has been showing poor results for four quarters now. Institutional holders may take a bearish view of that. But a good signal from the market would be if these results are shrugged off. Watch for that as well.

DMart is to check in today. No expectations about numbers here as well. Bearish leanings could see prices drop to 3790 if results are unimpressive. No other big names coming up over the weekend so we may not get any surprises.