Today SENSEX breached the psychological support level of 8000. At 12.52 PM it was trading around the 7990 level down by 710 points. Due to negative cue from its Asian Peers and Friday’s US closing. And now official words are coming about the world’s recession starting from UK and US.
In this kind of free fall, its very difficult predicts the support level since SENSEX is continuously breaking every support heavily with huge volumes. Even though my charts were showing 1000 and 8900 levels as support, SENSEX breached them successfully. Now when it breached the 8000 level means next probable support levels are 7600 and 6500. But I dont know? I think its time to act government and regulatory authority to interfere directly. How? I don’t know? May be use of Sovereign funds? Or I don’t know!!!
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