Sensex has closed far below our 9000 mark and Nifty also below 2750.
Whatever the indications from the world markets, it is now a "sell on rise" market here.
However, shorts may be covered at supports of either 8500/2600 or at 8350/2520 on Sensex/Nifty. Going long from these supports is also recommended but for very short term gains as Sensex/Nifty are capped below 10500/3150 levels.

It is not an easy task for long term investors to pick the stocks on decline at the moment as they must choose the sectors carefully. Public sector banks and cement would be the favorites of investors besides some strong companies in IT and infra sectors. Investors would be cautious about telecom companies and capital goods companies.

Besides some important economic data in the U.S., today we have results of Reliance and Bharti airtel which could give a final direction to the markets in the near term. Watch out!!