Market opened 2% lower and kept there only.
Yesterday we were speaking to one of our managers and he mentioned that US seems to be stabilising (latest edition of economist also says so http://www.economist.com/finance/displaystory.cfm?story_id=13145616) but Europe is a worry as bad news has started increasing. So there could be one more panic before we reach the bottom.
If this is true, my view of market bottoming at earlier lows might not hold.
The pattern of fall at 3000, 4000 and 5000 of Nifty level is similar. It starts with a panic and then retracement and then slow fall. Currently, we are falling slowly from 3000 Nifty level. Will it bounce bank from earlier lows of 2200 of Nifty, I really dont know. Indian valuations are not expensive any more, but not cheap either.
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