The market was red all over with the Dalal Street creating the concerns of further downfall. Investors were left shocked and a sense of panic was observed. The Nifty pulled down to close at 4772 points which is 77 points lower than yesterday. Sensex on the other hand closed the day at 15,864 which is 286 points lower.
In the last three trading sessions the markets have fallen by 800 points which is a sharp fall. However just when we might feel that was enough the concern for the markets going further below gets raised. Yes the markets may come down by another 7 to 8% in the coming trading sessions.
The level of 4450 does not seem to be far off from the current market positions. Although the markets are so low and valuations seem to be lucrative investors and traders are less confident or enter at these levels due to the poor macros both internationally and locally. Before the individual investors feel the confidence to go ahead and start buying a sustainable rally is what is required.
Almost all the stocks were in red and the major loosers over the index were ICICI BANK, M&M, TATA MOTORS, SBI, each of them slipping by more than 4% each. MARUTI and L&T were among the very few to go up and close in the green with modest increases.
Bell the Bull says: Investors might feel exhausted but it seems market might have more in store for them with another slide by 7-8%.