SENSEX giving a close below 9000 mark yesterday implies that it is likely to touch the previous lows sooner or later. But it is difficult to say as to when it will do so, because it is resting at an area from where it can give a short term bounce also. But on a rise, a reversal from below 11000/10300 is almost certain. The downward target would be 6000 with 8000 levels being another rebound area.
Therefore, in the given situation where DOW and FTSE are giving signs of respecting their crucial long term supports our markets would need domestic negative triggers to trend lower. The only negative sign we have is our bellwether stocks like SBI, RELIANCE and INFOSYS that are trading below their crucial supports. So, it is assumed that we may still continue to trade in a sideways mode in a narrow range.

Long term stock picking seems to have started a bit. But any fall from current levels would be an oportunity of cherry picking for long term. Short term traders be careful as sideways market in a narrow range may lure them into wrong trade set ups. However short term investing, for say three to six months, would be suggested in bellwether stocks at lower levels.