CNX Defty The Defty continues trading in a narrow range. We suspect that this is a consolidation and therefore also a sign of impending weakness. We prefer to be on the sidelines until clarity emerges.

BSE PSU The PSU index remained in a trading band and is probably forming a triangle pattern. We remain of the view that this does not augur well for the trend. We expect a decline over the medium term. A move below 9000 can cause damage to the trend.

BSE Bankex The medium term trend in the Bankex remains below its support levels and suggests weakness ahead. A move above 13500 is required for strength to be indicated. Until then the trend should be considered as weak.

BSE IT The IT index has moved further up as against the other indices which are tending to weakness. The overall view for the index remains positive given the present technicals.

BSE Cap Goods The trend in the Cap Goods index is in a choppy phase. This suggests lack of upward strength. A move below 14800 will be seen as a sign of weakness and can cause damage to the trend.

BSE Auto The Auto index has turned very volatile which is not a sign of strength. It is reading near its medium term support level which is indicated at 9750. A move below 9750 - 9700 area can cause an onset of weakness.