We see more losses

It was a terrible day for the market that ended at almost the low point of the day. The volatility was expected today as it was the end of the October F&O series. The series ended weak on high volumes. Sensex closed at 16042, down 241 points (provisional) and Nifty was at 4749, down 76 points (provisional) from the previous close. CNX Midcap index was down 1.32% and BSE Smallcap index was down 1.35%. The market breadth was in the negative with advances at 335 against declines of 938 on the NSE

House View:As we have been repeatedly stating, Market-set-to-fall-from-17000-to-15-300 market is headed down. Sensex still has another 300-700 points to loose. Wait on the sidelines and then enter. Tommorrow being the first day of Nifty futures there may be some buying and index may improve however, this will will not result in the gains being sustained. Keep watching for more anlalysis.
Disclosures: No personal holdings
Part of the Dream Weave Walk Network 1998-2010