Sell In May And Go Away: Orpheus Capitals

"Well! We did sell in May and hope you were on the right side of street folklore too," the report said.

 "The May 5-8 time window we mentioned in our April 30 report seems to have worked. The 5-8 May week witnessed the highest close for Sensex at 12360 has not breached yet. And as they say, there is a thin line between insanity and genius - similarly the line between greed and foolishness is blurred.

 "We gave the SELL call on the market at 11930 (17 April). We maintain that stand and look at our first target below 10500 on the Sensex. Our call on the banking sector also seems to have been on target with BoB below our recommendation prices and BANKEX clearly underperforming the broad market.

 "We make a detailed case (Click here for detailed report), and why a break below 4000 and 11000 on Sensex will seal the fate of the market for at least a year. The CNXIT chart clearly highlights the turning of 6 month resistance into support at 4000. A break here and the IT sector should witness another 6% fall down till 3800, before we see real supports coming in. A bounce back at this level can be pretty short term."