The market is meandering fearfully towards the panic selling direction and when this happens, nothing can stop the oncoming catastrophic mayhem. When the panic has the firm grip over mind, it gets too hazy to calculate the complicated fundamental values like dividend growth, earnings growth, discounted value, etc. The rush to sell is so enormous that there is no time left to crunch the intricate numbers. Technically, market has conclusively broken an important support level of 2700; Psychologically, there is no support left in the wake of global meltdown. In the present recessionary times, you don't need many reasons to generate fear and panic and unfortunately we have got aplenty at the moment - world over indices are down, rupee is down, corporate earnings are down, to name just a few. Any fight with the Bears is now rendered useless. Bulls will have to succumb and surrender and in fact, renegade to join the bears' army if they don't want to be decimated. I might sound too pessimistic here, but that's the story you get to see whatever you cast your eyes on... Nifty will soon join the jamboree of indices that have plummetted and are now touching their recent October 27 lows... 2250 might become a passe by the end of this week and we might be glaring at a horrifying 1800 levels... hope this does not become the fait accompli.
