As said in previous blog, inaugural speech of new President could not hold market and Dow plunged 4% down or dropped 332.13 points. Dow has broken important support at 8000, ended at 7949pts. Growing banking crisis and faltering economy were dampened after the inauguration speech concluded with little new information to digest.
The decline for the Dow marked the largest point and percentage drop for the index since December 1, 2008, and the first time the Dow has been below 8,000 since November 20, 2008.
NIFTY View:
NIFTY after 2 days of rise with record low volume, crashed back of week cues from Euro and Asian market cues.
On 21st NIFTY will start with deep gap down in line with Asian markets. NIFTY may go for free fall to test the December lows. Now, for trading on 21st, NIFTY important support level is 2757 failing which chances of retesting last week lows of 2701 looks to be a distinct possibility.
Option traders, buy PUTs on each rise and sell at every fall. If you are gladiator, sell higher calls or short as NIFTY rise, this is also punters game.
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