Market Update: 22nd Jan 2008

9:45am – Yesterday was one of the unexpected day in the history of Indian stock market, this market never use to fall more than 3-4%, but to my surprise and it was unbelivable that it fell down more than 10% and finally closed 7-8% down.

Analyst says it was due to margin call pressure, or some other says that due to Bush decision on package for bringing US out of recession was not sufficient, what ever reason may be…let us do our own thinking here…

HBJ Capital suggest traders not to take any long/short position now, those who are long MUST close their position. Let this market fall another 3-4% in couple of days, things will get settled by Feb 1st week we believe, then fresh long position can be taken. Market is likely to fall today also close to 2% down.

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