Another day - 9th day in a row where the market tanked big time. 9 consecutive days of fall - is definitely a new record - at least in the last 6 years.
Sensex closed @ 18190 (down 277) and Nifty @ 5453 (down 84).
So rally which started in February @ 5300 and sensex 17600 or there abouts seems to be over.
If there is no big bounce back in the next few days - and the index goes below 5200 - the long term trend will turn bearish.
Nifty is now way below the 100 dma , 200 dma and 20 Dma.
I am sure most fund managers would be wishing that they were on vacation now.
The ghost of 2008 - is it around the corner.
My personal take - the market would go for a 150 point correction upwards next week to around 5550 .
But then - the market does not respect wishful thinking. All macros - inflation, interest rate , political scenario , earnings projection for FY12 and GDP rate seem to be either negative or on the lower side.
Only good thing so far - liquidity still seems to be good and the panic has still not set in - as this correction of 1300 points sensex or 450 points Nifty is still termed by the TV experts as intermediate correction !
Sensex closed @ 18190 (down 277) and Nifty @ 5453 (down 84).
So rally which started in February @ 5300 and sensex 17600 or there abouts seems to be over.
If there is no big bounce back in the next few days - and the index goes below 5200 - the long term trend will turn bearish.
Nifty is now way below the 100 dma , 200 dma and 20 Dma.
I am sure most fund managers would be wishing that they were on vacation now.
The ghost of 2008 - is it around the corner.
My personal take - the market would go for a 150 point correction upwards next week to around 5550 .
But then - the market does not respect wishful thinking. All macros - inflation, interest rate , political scenario , earnings projection for FY12 and GDP rate seem to be either negative or on the lower side.
Only good thing so far - liquidity still seems to be good and the panic has still not set in - as this correction of 1300 points sensex or 450 points Nifty is still termed by the TV experts as intermediate correction !
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