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What a terrible week it is turning upto to in the world and Indian share market space. The Indian markets are witnessing a free fall since the last 7 trading sessions and have lost about 1800 odd points since then in sensex and close to 400 odd points in nifty from 4,400 levels. First came the fall of Lehman brothers the fourth largest investment bank in the world which was in operation for 158 years. Then take over of Merrill Lynch by Bank of America for $50 billion. Now lets get ready to get another shock in the form of AIG any time from now.
These are certainly tough times for finance sector world wide and its impacts are being felt in the stock markets too. One of the biggest ever fall in the recent days was seen in the US markets yesterday when Dow plunged by a massive 449 points to close at10,610 levels and Nasdaq went down by 109 points to close at 2,079 levels. As I wrote here in a very recent post that Dow needs to sustain the 10,800-10750 levels as the major support else it will fall freely. And the same thing happened in yesterdays trading.
Still there is a lot of more downside left in the US markets as the crucial 10,750 level was breached. The next support now comes at 10,500 levels for Dow and 2000 levels in Nasdaq. Reacting to this the Asian markets are trading weak with Hang Seng and Nikkei in deep red currently. The Indian markets in most likely will follow suit. But its important to see how far the markets will fall from here and will it touch the July lows today itself. If the July lows are breached then a fresh intermediate low will be made in the markets.
We can expect a huge gap down opening in the markets today and then we will see some recovery from there on just like it happened 2-3 days back when sensex fell by more than 800 points at one point of time and then made a smart recovery. In yesterdays trading session the sensex touched 2 month lows by shedding 256 points to settle at13263 levels and Nifty closed at 4008 by losing 67 points from its previous close. Rate sensitive stocks took a major hit like banking,real estate etc. There were some rumors about top brass from ICICI selling stocks and hence a 10% fall in intra day trading was seen in ICICI.
Meanwhile the Rupee took some reprieve after major decision came from RBI. Its now trading at 45.36 levels against Dollar. People are seeing gold as a hedging against stocks and it made fresh high yesterday when it touched Rs 13,800/10 grams in the market up by over Rs 1000/10 grams.Traders are advised to go short in these markets. Some intra day calls would be(going short) in stocks like ICICI,Ranbaxy, Sterlite Industries, Unitech,HDIL, BPCL,National Aluminium etc.
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