CNX Defty- The weakness in the medium term momentum persists. The Defty declined below 4000 as we had expected. However short/Medium term indicators have hit oversold levels and a bounce back can develop. It is a wait and watch as we observe this bounceback.

BSE PSU has remained weak in line with our view. Medium term indicators are looking oversold and a technical bounce can be expected.

BSE Bankex - Banking index breached the 11800 level as per our projected view. Technical indicators have become oversold and this can result in a minor recovery.

BSE IT - A sign of weakness in the IT index still persists. Support of 6000 is important however, below this it can see an acceleration of its downtrend.

BSE Cap Goods - In BSE Cap Goods index our target of 12400 has been achieved. However, oversold signals are emerging in this index too. As such, a short term recovery can be expected.

BSE Auto -BSE Auto Index has also achieved our target of 8200. Oversold signals point to the possibility of a halt in the downtrend. This can result in a consolidation of the trend.