Sunday 5 October 2008

Mkts may be close to bottoming out: O(x)us Inv

Surjit Bhalla, Chairman, O(x)us Investments, said it is difficult to say where the market will bottom, but we may be close to it. "A lot of things are going wrong. The market is struggling with uncertainties. Investors are concerned about the extent of downside from here."

According to Bhalla, the fear of a global economic slowdown is justified. "There will be an overhang. Also, there is fear of hedge fund redemptions due to losses in asset classes. Hedge funds are selling equities to make up for losses in other assets."

Sudarshan Sukhani of Technical Trends said it's a matter of time before 3,800 breaks. "Once this happens, there are no support levels. That doesn't mean the market will fall. It just means that we will identify technical levels when they emerge. This is a bear market, so expects more downside."

Source: MoneyControl

Posted by Harsh at 21:05

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