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Market will be peaking out
July, 29th 2010

What do you make out of this markets hold mode at 5400 or 5300 whatever it is because at some point it is going to frustrate the retail side of the market, what do you see happening next?

I think frustration has already creeping into not only the retail investors but most of the market participants 5450-5485 are the kind of levels that we will see a market peaking out and of course not to forget since we are at the higher band of the market participation gets a little bit on the lower side. Having said that I think if we cross over 5500 and stay over there I will be surprised to a great extent and given the fact that you are not having enough legs to the market to stay above that 5450 mark for a very long time.

On the downside given the kind of events that are gone by be it the stress test of European bank, testimony of Mr Bernanke, monsoons however, remains a little bit of concern 5300 and 5280 are the kind of levels that we see market will find enough support and enough liquidity coming back into the market and not to forget at 5500 plus you become a little bit expensive in top heavy.

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