1)If we viewed the nifty chart since the beginning of bull rally (950 to 6372)the 38% coreection was upto 4300 50% is upto 3661 and 61.8% is upto 3022.
a)The world economic scenario is not changed in just 2/3 days.
b)The crude is not the only factor to tumble all stock markets in the world.
c)Bernanke's latest statement is more serious than earlier.(he might be delivering statements step by step to delay more disaster in us market, or perhaps he might have wrong predictions earlier or what happened it might be totally unexpected for him.).
d)At the same time our growth is not going to be 8.5 or 8 even.
e) Inflation cannot be controlled at least up to Dec/Mar.
f)crr/repo rate hike is inevitable.
e) Bank rates should go up.g) slow down expected in Indian economy too.
h) All this factors will dampen the earning estimates.
i)Generally bear phase is expected to remain for 12/18 months.
j)After ending this phase there will be consolidation phase.And then again bull rally will start.
2) considering all these factors market will not be in a hurry to be bullish. So what happened on thursday/friday must be just pullback. Worst is not over yet.Current series is a bigger in compare to trading sessions.So there are still 9 sessions to go. From the beginning of this series market is range bound.So selling on higher side might be good.I am still expecting 3650/3750 and it is in current series.
