<b>Wkly Tech:</b> Indices close to key supports

The markets corrected last week as participants booked profit ahead of the mega DLF IPO. Moreover, weak cues from global markets also pulled the market down.

On each falling day, the markets attempted to recover, but every rise was met with greater selling pressure at higher levels. However, the main indices have so far not breached their key support levels.

As long as these levels hold, the strategy of buy-on-decline should continue. But once these levels are breached, the market sentiment will become bearish in short- to medium-term.

Last week, we said if the Sensex crossed the weekly high, it could rally to a new all-time high. However, the index could barely manage to move higher than the previous week