Recored volumes in the markets drag down the Indian Equity markets. Hawkish Credit Policy announced by the Governor of RBI too helped the Bears to pull down the markets down by almost 2.00-2.50%. It kept CRR (cash reserve ratio), Repo and Reverse Repo rate unchanged while hiked SLR (statutory liquidity ratio) to 25% from 24%. Also revised the Inflation target to 6.50% from 5% for March 2010. Banks the Reality stocks tumbled down. SBi lost nearly 4.5% and ICICI Bank too lost near 6%. As per the analyst SBI may require additional provising of Rs.3800 CR and ICICI nearly Rs.1600 Cr as they have 50% coverage ratio.
Nifty closed below 4850 levels on the record volumes. Markets recorded the third highest total volumes of Rs1.46 Lakh Cr. And the F&O segment recorded the highest turnover ever. Global markets too turned negative.
Nifty closed below 4850 to make and intra day low of 4829 before closing at 4846.70 down by almost 2.5%. Sensex closed at 16353 down by 387 points or 2.31%. Nifty has fallen down almost 7% from its recent high. As mentioned in my earlier blogs also that the markets are looking week and can come down. nifty will have good support at 4800 levels. In the current session Nifty took support at its 50DMA.

Sell Maruti tgt 1431
Sell Rel Capital tgt 740