The Sensex and the Nifty snapped their two-week gaining streak to slip a percent each for the week.
The Midcap index recorded the biggest weekly fall in a year, tumbling more than 4 percent. However, banks outperformed with the index rising over 2 percent.
Jai Bala, CMT at Cashthechaos.com believes that the markets would make one last higher high before moving down for a large correction. He expects the banking index to outperform the Nifty but is negative on the FMCG index and expects about a 10 percent downside for the sector.
Also Read: Banking stocks help limit weekly loss at 1% for Sensex; worst week for midcap index in a year
Bala expects private sector banks to do well as their corporate and retail books have been holding up quite well.
Mihir Vora, Director & CIO of Max Life Insurance, said that the broad uptrend for the Indian market is intact and small corrections should not be a cause of worry.
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