HDFC Sec: Sensex support at 11,730

HDFC Securities, in a report released this morning, said that they are not too worried with the slide over the last two days as the main indices are still in a firm uptrend. Any further corrections are likely to be of a short-term nature.

"Immediate supports for the indices are now at 11,730/3,490. A close below these levels would lead to further weakness. The firm recommends traders to go slow with respect to fresh long positions, and use any declines to buy stocks showing relative strength," the report said.

Resistance at 3608: Bhambwani

Vijay Bhambwani, CEO, BSPLindia.com, feels that bulls appear to be pausing  for a breather, and unless the 3,608 hurdle is surpassed on a closing basis on higher volumes and increased open interest, the retail segment is unlikely to come out and buy close to the expiry. The sectors in focus are likely to be FMCG and pharma, and defensive buying maybe seen in the coming days in these scrips. He advocates a wait and watch approach for now.