Needless to say that fundamentally things are not going to improve even in the next 2-3 quarters. To compound this problem, the regulatory authorities and central banks would be asked by some of the governments to take populist measures rather than fixing the problem or allow markets do the price discovery by themselves. So, the die is cast and we seem to be in for a longer than expected bear market as governments try to keep the sentiment upbeat amid deteriorating fundamentals.

With a daily rise in the markets, there appear wide smiles on the business channels and some technical analysts assuring us of a bottom every now and then. They wouldn't let us wait for the week to close and see a larger picture on weekly or monthly charts. There could be some visible positive divergence in oscillators on daily charts but weekly charts still project a bleak picture for the medium term. It could be a short term trough formed at Oct 27 low but it would be too optimistic to call it a bottom for even the medium term until some much higher resistances are crossed!

INDIA BSE SENSEX: Short term is in uptrend and a close above 11000 levels (depends upon the world markets trend) is needed to sustain the rally up to 13000 levels. A reversal from/below 11000 levels would threaten the 9000 levels.
9000 needs to be held to save the markets from projecting new low target of 6000 for medium term!!!

Please keep a check on this blog for updates from time to time.
Next update expected by 9 a.m.(03:30 hrs GMT) tomorrow.