Equity indices: The medium term trend in the major indices seems to be very precariously perched. The technicals are already suggesting that bullish fatigue has set in. Tremendous effort might be required for the trend to repair from these conditions. It is very likely that correction has set in and that the markets could be headed for a medium term correction. Measuring the correction at this point is difficult, but suffice it to say that conditions are ripe for it to unfold. Conditions are similar for the Midcap index. A move below8500 (its 200 Day EMA) should be seen as a concerning development.