In fact, last Friday, it had already slipped below the support line at 5343, and closed at 5336. One had fondly hoped that Monday could lend some support and hoist it up above the support. But that was not to be. The index straight away opened below the support level at 5339. The intra-day high was at 5345. After hitting a low of 5186, it closed the day at 5205.

The index has a support at 5115, but it could reach there in two or three sessions. There could be inter-day corrections in the meanwhile. But there is no guarantee that this support will hold. In terms of pure technical analysis, one would not be surprised if it ultimately comes to rest at 4750.

In the process, it could fill the gap at 5020. Weakness is noticed in other indices as well, though to a less pronounced degree. The BSE-100 could come down from 2875 to 2725. the BSE-200 from 642 to 615 and the BSE-500 from 1934 to 1872. The S&P 500 has the potential to go down from 1934 to 1872 and the S&P Nifty could move down from 1316 to 1255. ACC has weakened, even though Gujarat Ambuja is holding out.

At Bajaj Auto, low volume gives hope that it will not break down easily. Bhel has broken down through its support and that should weaken Sensex. Castrol could find support at Rs.193. Should HLL break down, it will give an excellent opportunity to pick up at Rs 2266. At Infy, there is a technical signal to sell. It is time to check out the FII data on purchases and sales.In my view, local fund support would not be good enough for the Sensex.