Pri Market Commentary ..

Today, the key indices would continue to follow patterns across global markets. Any improvement in external sentiment might provide a glimmer of hope to the bulls later in the day after a weak opening. We usually don’t recommend such moves. But if you have the guts and the money take a chance for some short term gains. Lower levels are here to stay for some time.The winds of change continue to blow away from markets world over.


The seven-day rout, which has knocked off about 20% from the key indices, is likely to continue, at least in the early part of today's session. And, no prices for guessing the reason behind our grim forecast! Market participants will continue to pay a price as stocks on Wall Street got pounded for a second day running, amid uncertainty over the fate of the American auto giants, continuing bad news on the economy and growing concerns over the health of Citigroup.

Investors should stay on the sidelines till the global sell-off abates and markets stabilise. One should not get carried away if there is any kind of a relief rally, as further selling is expected. Any advance in Indian stocks can only be sustained if global markets recover. We continue to advise extreme caution at this stage.