Today Nifty closed below at 3513 after making a low of 3329 in the intial opening session. Just after the Pre opening session at 12.15 indices plunged around 8.5%, but smartly pull backed immediately. Sensex made a low of 10740, but managed to close above 11000, at 11328.
Technically both the Sensex and the Nifty chart looks good. In the Nifty chart we can see a hammer like pattern and in the Sensex its a Doji like pattern. Both the Indices chart shows that they have entered the over sold zones, But the global market meltdown will cover all these things. As Iceland and Pakistan may be declared bankcrupt as there is serious liquidity crisics. Ruppee trading around 49 as compared to per dollar. Gold hitting a new high as the traders see that as a better alternative. These may bring out markets down. But Indian economy as in that bad position as compared to the other global economy. We may also see some bank and real estate companies raising money for their survival. As their is serious lack of buyers in the real estate. If the builders could not attract customers till this year end, then there could be heavy correction in the same. Correction could be around 25-30%.
Dow down -7% . Sgx nifty trading down 260 points. Nikkei down 10%. Hangseng down 7%.
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