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Complete meltdown ...........
On the back of weak cues from US as well as Asian markets, yesterday our markets had a gap down opening and traded further downwards with no sign of any pull back. The weak opening of European market saw breaching of some important technical level and made a 15 months new low. Today bears had a field day and the beaten down sectors like Private Banking, Capital Goods, Metal, Oil and Gas and Power were the worst hit.
IT sector was also butchered down completely. US credit crisis is having its ripple effect globally and its shock waves are being felt in our markets also and as consequences Private Banks were hammered down badly today.
It was a disastrous day for the market. You are advised not to get lured by the lower prices and resist the temptation of buying.
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Money management comes in place before Trade then only Trade management left with you.Just like you prepare your suitecase before boarding the train.Once you are on board it's just a matter of time where to jump out of the train.
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