Dow Jones corrected on friday and was not looking good, also the information related to Nuclear Deal is unclear, and any bad news related to it can bring futher correction. It seems 16000 is not far away from sensex at this time and also,many stocks were showing overbought levels and stretched patterns which suggested correction.
As posted earlier in this blog,that on 19th Oct we will have a new low,which happened and now we could be heading towards a short term correction,its pretty difficult right now what will happen on Diwali but yes this correction could be an early one before Diwali and we could see a new high around it.
I dont rule out any huge correction,if COngress is adamant on Nuke Deal and goes ahead with it, then its quite possible that the Left will withdraw support and Lower Circuits will be hit.
We all hope that this doesnt happen, but if it does, then God Save Indian Stock Market.
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