Market likely to make one last higher high; remain positive on banking sector: Jai Bala

The Sensex and the Nifty snapped their two-week gaining streak to slip a percent each for the week.

The Midcap index recorded the biggest weekly fall in a year, tumbling more than 4 percent. However, banks outperformed with the index rising over 2 percent.

Jai Bala, CMT at Cashthechaos.com believes that the markets would make one last higher high before moving down for a large correction. He expects the banking index to outperform the Nifty but is negative on the FMCG index and expects about a 10 percent downside for the sector.