After quite promising start to the week this Tuesday the markets witnessed one of the steepest climbs in its history. This was a sharp fall and the biggest after the crash of 2008. It totally collapsed and sent the markets below considerable levels. Nifty was down by 209 points and closed at 4923 which is significant drop breaking the support levels of 5000 points.
The Index tried to touch the resistence level of 5200 couple of times but failed to do so. It is indeed a rare sight to be witnessed over Nifty for a deep cut as large as 200 points. The Sensex saw a crash of 704 points and closed at 16361 points.
For Nifty 4890 is now a very key level breaking which could give a further deep cut to the markets. The gloomy outlook of Fed on the US economy triggered the sharp fall in Rupee and resulted in bloodbath of the Indian Stock markets today. This saw the FIIs sell more than Rs1305 crores biggest ever after 2008. If the global cues tend to deteriorate it may further slip and NIFTY might reach the levels of 4700. Similarly Sensex could retest the levels of 15000 if the situation worsens. The last few trading sessions had seen the FIIs buying in the India equity market, however today the market witnessed a huge sell of from their quarters creating a sense of panic among the investors.
Bell the Bull say: An unanticipated cut and a mayhem has appeared from no where…