NSE 2736.70 -98.60 (-3.48%)
Dow 8200.14 -248.42 (-2.94%)
Market fell on the back of heavy selling by European banks including UBS. The close below 2744.95(yesterdays close) is a negative sign. For the next few days, S&P CNX Nifty is headed down.
Dow is inching closer to its 10-year support of 7591. I suspect it is only a matter of time before this breaks signalling that this is the worst phase US has seen in a decade. The economy would take a while to recover, but US would probably lead the world in recovery and would be the first one. Investors need to look at key economic indicators like the industrial growth, housing data etc before investing in bulk. Selective investing for long term is certainly a wise thing to do at this stage.
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