For some months, Index is being propped up by a select scrips in IT, Pharma, FMCG; namely HUL, TCS, ITC; the heavyweights
The problem is that these charts are now showing exhaustion: A huge strong bar after a decent rally. Now, a major reversal may or may not happen, but surely reversion to the mean is on the cards. That means a 20% fall in these scrips.
This could drag the index down by at least 10%.
The energy sector is relieved due to good RIL results and free-chit to increase petrol and diesel cost. This can cushion the fall of the index since Energy comprises of 10.70% of Nifty.