Mumbai Monday saw the markets on a downward spiral because of the weak cues from US markets and rising crude oil prices. The Sensex has plunged below 15000 and Nifty below 4500 levels. Realty, power, oil & gas, capital goods, auto, banking and metal stocks have taken huge beating. Midcap and small cap stocks also got crumpled. Market breadth is weak, advance:decline ratio nearly 1:22.
With crude prices hammering the stocks, the share prices are expected to be under pressure for some more time.
Last 10 Big Market Crashes
Jan 21, 2008 --- 1,408.35 points
Mar 3, 2008 --- 900.84 points
Jan 22, 2008 --- 875.41 points
Feb 11, 2008 --- 833.98 points
May 18, 2006 --- 826.38 points
Mar 13, 2008 --- 770.63 points
Dec 17, 2007 --- 769.48 points
Oct 17, 2007 --- 717.43 points
Jan 18, 2007 --- 687.82 points
Nov 21, 2007 --- 678.18 points
Sudarshan Sukhani of Technical Trends is not very sure whether the January or March lows will be broken today. But given the downside in the market it definitely will test the lows and may even breach it further. He said that it's unlikely the market will suddenly see an upside and it's likely to remain a bear market for sometime until there is any consolidation.
He doesn't expect the January lows of 4,450 to hold for long and he cannot say whether that will be the support level for the market. He rues that once this support level is broken, the bottom seems really far down.
"My view is that this market is not going to stop falling so soon, at some point it will, it will begin building up a base but that day hasn’t come. We are making new lows today. This is not a day for base building", said Sukhani in an interview to CNBC-TV18.
(With inputs from CNBC-TV18)
Comments
0 comment