Jai Bala says: “The largecaps are leading from the front. If you look at the smallcaps, we have seen some sort of an exhaustive move. We need confirmation that the midcaps and smallcaps have topped if they drop below the 21st of December low. We still have not got that. But if you see today's market move, the smallcaps are not pushing towards record highs, but they are near about it.”