NIFTY CALL FOR FRIDAY, DECEMBER 10, 2010 - The range now is 5400-5800. The damage has been done. The breach of the index is so serious that it has wiped out retail portfolios. After such losses it takes time to recover. In 3 waves, the market was brought down from 5850 to 5750 wiping out long positions. The tide has gotten lower. Rebounds are possible but they are waves on a low tide
For the markets to recover, they may need to cross 5800 and stay above for a couple of days
The bigger risk is what foreigners do. If they start to sell, sectors like banks may face a collapse since even today, bank stocks were collapsing more because of forced selling and no buyers
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