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    Market likely to make one last higher high; remain positive on banking sector: Jai Bala

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    Market likely to make one last higher high; remain positive on banking sector: Jai Bala

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    Sensex and Nifty slipped a percent each for the week. Midcap Index slipped a sharply 4 percent. However banks outperformed with the index rising over 2 percent for the week.

    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.
    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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