I would suspect that. The index had traded down into this zone yesterday. It has of course given up the gains in the morning but it is trading down into the same levels and what we are finding is rather woeful lack of volumes.

Markets are seeing a little bit of pressure but people are being forced to sell into a market which is largely devoid of some trading volumes on an intraday basis. This is probably exaggerating some of the falls in individual stocks and maybe creating a bit of a hype around the decline. But I do not see really too much volume except in the case of let's say Tata Motors which has been fairly washed down but if you look at the majority of the stock then there does not really seem to be that kind of aggressive selling.

So, this is a market which in the absence of volume is having a telling effect. Now of course that can burgeon into something larger but as of now if those 5250-5275 areas held on the futures then the market will be making an attempt to find its feet again. Now we have a small threat coming up like the capital goods set of stocks giving way, if Larsen, Reliance, BHEL were to go down and do so with a little bit of volume.

We might drop down then by about 100-125 points because there is no support till then. But failing that 5250-5275 is a decent support zone of the market. It is making an attempt to hold onto that and as long as it does that, we have to stand by the sidelines and wait for that to complete and after that we can assume fresh long or short positions