Pri Market Commetary ...

Today, we see a gap-down opening, but do not rule out a slight rebound later in the day if global indices reverse the weak trend. Short covering could be the only other factor which could lessen the damage. Some key markets in Asia are actually shut today for holidays, which may be of some help to the bulls. Get in with an investment view. Should you be able to pocket some gains in the brief reversals, no harm in booking some quick profits. The undertone remains precarious and fragile.

Technically also, the market is on a sticky wicket. On the Nifty, the next support is seen at 4500 and the upside is capped at around 5200. Global brokerages also see the Nifty slipping to 4000. Quite a scary scenario! It remains to be seen whether the market indeed goes down to such levels.