Wall Street to DalalStreet --> Drowning Street

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Thanks to the Friday's bounce back, Nifty closed only 4.2% lower at 2693 and Sensex was down by 5% and closed at 8915.

Crude Oil is now around under $50 per barrel and Inflation numbers are promising and improving on a weekly basis. Last week the inflation was 8.90%. But the US financial debacle continues. Citigroup survival is under doubt and three US Auto makers on the brink of bankruptcy if the US government do not bail them out. Similarly there is world wide panic and downtrend in the global economy.

Finance Minister Chidambaram pushing companies to reduce their prices in the realty, consumer goods, airline, auto and hotels to boost sales and maintain profit. Prime minister Manmohan Singh still re-iterating that the GDP can still grow at 8% whereas we would be lucky if we even get 6%.

FII continue to sell relentlessly of worth 1600 Cr and so were our domestic fund houses worth 750 Cr.

Expect US $ inflow in the Indian banks from NRIs to increase substancially soon and also be ready for pink slips or cut in the salaries in the various sectors.

Indian Stock Market is in an oversold state and a technical bounce back like the one on Friday is a strong possibility. But in no situation it should be considered a trend reversal. To add salt to injury, we have F&O settlement on the 27th November. Expect exteme volatility this week and probably heavy downfall the week after.

Wall Street to DalalStreet --> Drowning Street

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