On the monthly charts, Dow looks positive till it breaks 8451. I would prefer to watch this level on an intra day basis for further conclusion. Some buying looks to emerge at these levels which is a good sign. However, it would take some time to bottom out. So, one cannot conclude that the bulls would soon be in.
International markets including India would take some cues from the Dow close. So, I expect the Sensex and Nifty opening on a positive bias. Local participation in India especially from mutual funds is a cause of worry as most of them have very little cash in hand. Some of them have churned their portfolio to reduce the impact of the fall. This probably makes us overly dependent on FII money.
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