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Last hour sell-off drags Sensex 289 pts lower; RIL, financials top losers

ON THE BACK OF WEAK NEWS FLOWS AND DOUBT OF GROWING INDIAN ECONOMY, DUE TO STUBBORNLY HIGH INFLATION, HIGH UNEMPLOYMENT, LOWER GDP AND RISING FISCAL DEFICIT HAS GIVEN RISE TO SUSPICION ABOUT THE INDIAN ECONOMY, NOW UNLESS SOME DRASTIC STEPS ARE ON POLICY FRONT AND UPCOMING BUDGET GIVES GOOD SOPS THE MARKET WILL REMAIN UNDER PRESSURE. GLOBALLY TO THINGS ARE NOT SO GOOD WITH U.S TRADE ISSUE WITH CHINA AND GLOBAL GROWTH IS DOUBTFUL TO RISE ALL TOGETHER WILL PUT MARKET UNDER PRESSURE AND MORE DOWNSIDE IS POSSIBLE. THIS IS A VERY STOCK SPECIFIC MARKET AND ONE SHOULD CAUTIOUS UNTIL THIGS IMPROVES. IT WOULD TO BE AT LEAST 20 TO 30 PERCENT IN CASH TO BE DEPLOYED EITHER ON DEEP CORRECTION OR STABILITY IN MARKETS IS ESTABLISHED.

Technical–TECHNICALLY MARKET IS IN A BROAD TRADING RANGE BETWEEN 10500 AND 12000 AND THE NEAR TERM RANGE IS 10680 AND 11950, LAST WEEK AND LAST DAY THE NIFTY DECLINES TO END THE WEEK AND THE DAY LOWER, THOUGH MARGINALLY BUT THE INTERNALS (BREADTH) WAS WEAK THE NUMBER OF DECLINES WERE MORE THAN THE RISE. IN THE SHORT TERM MARKET IS CRITICALLY POISED, TRADE AND CLOSE BELOW 11770 THE MARKETS WILL FURTHER CORRECT ALL THE WAY DOWN TO 11400 TO 11500 LEVELS. HOWEVER IF 11770 IS HELD SEEMS LESS LIKELY AND MARKETS RALLIES AND CLOSES ABOVE 12050 THEN IN THAT EVENT IT WOULD TEST 12500 TO 12800  LEVELS, FOR THIS TO HAPPEN THE MARKETS NEEDS SOME POSITIVE STRCUTURAL CHANGE IN THE ECONOMY.  SO THE BEST CASE SCENARIO MARKETS IN THE NEAR TERM WOULD REMAIN IN A RANGE.

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