Hello,Nifty Chart indicates a short term technical bounce from current levels. As updated by sms & previous posts that if we break below 3800 then we may even test 3600 - 3400 levels. Nifty made intra day low of 3329 & managed to close above 3500.
If Nifty consolidates at current levels for few days then it may gather more momemtum for sharp run up. In markets we can see now that Distress selling has been happening as lack of buyers available, so the stocks are more hammered as due to losses made by foreign cos they need to sell holding's in India to generate liquidty. So worldwide selling is happening in all major markets.
Many world markets hace reached important levels from where they can get some bounce after so much hammers. Recently many World banks have cut Interest rates to boost liquidity in the system & some Central banks have even come up with some bail out packages before anything happens to their money markets.
Basically this is good sign in the near for many financial markets, before few months we have lot many -ve news in the markets like Crude rising, Inflation rising, Subprime etccccc But all these -ve news are being discounted now in the markets & also Crude has fallen, inflation easing, Bailout packages out , N deal signed, so all this are +ve signs for the markets in the days & months to come. It will take some time but things wil be normal soon.
Also above all Sebi has relieved P notes norms which people say was a serious cause of disaster & unwindings happened since last year October month, this year is October month again & NW WIL MARKETS RECOVER THIS MONTH OR NEXT MONTH, JOIN OUR PREMIUM CALLS SERVICES AS OUR CLIENTS KNOW IT !!!!!!!!!!
Another view : Gap theory says that markets can test 10200 & 9400 for sensex on downside.
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