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Thursday, October 9, 2008
Technical Show an Oversold Market
The technical parameters are showing an extremely oversold market. Only the fall of January 22 was a lower point wherein the NIFTY crashed to an intraday low of almost 10%. However we are not very far from the technicals of that day too!!! What this basically means is that once we are done with the correction of today(that in all probability will come because of the US markets crash last night) we should be ready for a technical bounceback. Where that bounceback leads us is an entirely different question. My sense is that we will see a relief rally coming in now with this technical bounceback rally.
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