Late sell-off dragged
market sharply on Tuesday. The Sensex ended down 362.15 points or 1.5 percent
at 23191.97. The Nifty slipped 114.70 points or 1.6 percent at 7048.25. The
Sensex opened at 23,689, touched an intra-day high of 23,692 and low of 23,165.
It finally ended with a loss of 362 points at 23,191.The Nifty opened at 7,201
hitting a high of 7,205 and low of 7,038, before ending with a loss of 115
points at 7,048."Technically, we are in a bear market right now, because
we have corrected by more than 20 per cent from the peak levels, which we made
about a year ago last March. Right now, the market is driven a lot by what is
happening globally.
"It is really a market which is 'sell on rallies'. The
moves on the upside could be fairly ferocious like what we saw on Monday driven
by short covering, but given the nature of flows, it is tough to believe that
we have had a turnaround, and we could kind of rally back to 7,700. After previous
day’s sharp upswing, just when one thought that the momentum has returned, the
Indian equity market took a turn for the worse. There was blood shed all over
the bourses. The Indian currency weakened further against the US dollar
dampening sentiment. Meanwhile, oil prices gave away gains after a meeting
between oil ministers from Saudi Arabia and Russia ended with consensus to
freeze output at January's levels; however, there would be no cut in
production.Resistances: 7100, 7150, 7250
Supports: 7000, 6950, 6890
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