The Indian stock market today plunged down to a new 52 week low and BSE closed at 17,350 and the NSE at 5,211. The markets closed with deep cuts due to fears of global recession and negative bias in European markets. Now what surprises me is the sudden outbursts of reactions from so called learned pundits and TV channels who now have started saying that the Stocks in India are priced at higher levels and we can see further corrections. Now this is getting funny like the predictions of MET Department. Nobody had ever predicted till yesterday night that the market would crash by more than 500 points in one single day. In fact just two days ago everybody was talking about a revival after Barack Obama agreed to sign some paper ... or God knows what. But that move from Obama had probably averted some crisis !!
The general tone when market is down ... is keep advising people that market is going to crash, keep on predicting some range. The moment market starts rising paint a rosy picture that we are going to reach levels of 21,000 on BSE. I am closely observing this nonsense since 2008.
Now these so called Experts, who read some chart movements, talk about stop loss, negative bias are very close relatives of the Meteorology Department who never predict onset of any monsoon, cyclone or hurricanes. They simple say after it starts raining that it would continue for next 24 hours. That is what they are good at. I have never seen the Met Department in any part of the world to conclusively forecast any weather condition for that matter. All that they say that the same weather may continue for next 24 / 36 hours that to in some parts or isolated parts of the entire nation !!
So ... the bottom line, market crashes once again proving its cyclic nature, catching all the so called experts on wrong foot. Not surprised at all!
The general tone when market is down ... is keep advising people that market is going to crash, keep on predicting some range. The moment market starts rising paint a rosy picture that we are going to reach levels of 21,000 on BSE. I am closely observing this nonsense since 2008.
Now these so called Experts, who read some chart movements, talk about stop loss, negative bias are very close relatives of the Meteorology Department who never predict onset of any monsoon, cyclone or hurricanes. They simple say after it starts raining that it would continue for next 24 hours. That is what they are good at. I have never seen the Met Department in any part of the world to conclusively forecast any weather condition for that matter. All that they say that the same weather may continue for next 24 / 36 hours that to in some parts or isolated parts of the entire nation !!
So ... the bottom line, market crashes once again proving its cyclic nature, catching all the so called experts on wrong foot. Not surprised at all!
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