21 Jan 2008
Markets in search of a support
Nifty have corrected most 100% of its last swing. If it could not find bottom above 5650 levels, there is room till 5440 level. But such a sell off cannot be expected now. But some panic in medium investors is there. At present level, even a consolidation will give some relax to falling sentiment.
Global cues are not supporting bulls. Asian market surrendered all its gain of last day. Nikkei lost more than 400 points and Hangseng down by 700 points when writing this post. Dow Jones of US closed in a loss of 60 points.
Crude oil price found support at $ 90 a barrel.
Indian ADRs traded in mixed.
Market breadth was highly weak. NSE advance:declines ratio was 77:1114
FIIs were heavy sellers on Friday.
Markets in search of a support
Nifty have corrected most 100% of its last swing. If it could not find bottom above 5650 levels, there is room till 5440 level. But such a sell off cannot be expected now. But some panic in medium investors is there. At present level, even a consolidation will give some relax to falling sentiment.
Global cues are not supporting bulls. Asian market surrendered all its gain of last day. Nikkei lost more than 400 points and Hangseng down by 700 points when writing this post. Dow Jones of US closed in a loss of 60 points.
Crude oil price found support at $ 90 a barrel.
Indian ADRs traded in mixed.
Market breadth was highly weak. NSE advance:declines ratio was 77:1114
FIIs were heavy sellers on Friday.
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