Yesterday markets turned down the opening steam and lost 2% to close nifty at 2654. Sensex is below 9000. This shows that the fall is still continuing and the rise earlier is just to role over to next month derivatives. If it is the case markets will have to close at lower levels from now. This will result that any small rally expected for next month may not be there. As seen from US markets the fresh bail-out package is not boosting the sentiment. DOW is at a flat close. Nikkei is presently at -100. Don't play to up side as of now. Short next month future and buy this month in the money call for settlement.
Yesterday's close - 5% = 2521 and future may stay at 2500 level (lower for today???)
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