Medium term technicals suggest a neutral view at this stage but oversold technical indicators suggest that sharp declines may not be round the corner. It is a wait and watch as we await the trend change that can occur.

BSE PSU had a good upmove from early part of last week. Its trend looks strong and 8750 level will be a stiff resistance on the upside for this index.

BSE Bankex also exhibited considerable strength last week. Its uptrend may persist if the resistance of 12850 is breached on the upside.

BSE IT underperformed for the major part of last week. It moved sideways with a positive bias. Strong resistance is likely to come around 6400 after which it can slide to 6050.

BSE Cap Goods index in line with other sectoral indices had a good week. Important resistance to watch here is 13600 and a breakout above this level can turn the medium term technicals positive for this index.

BSE Auto Index made one of the strongest upmoves amongst sectoral indices last week. If it sustains above 9000, the upmove can gather enough momentum to take it to 9400 or beyond.