Daily Call - Oct 29 2008

This was the best performance we saw from the global markets on Diwali day. And today for the new year, the world markets are booming again. This fantastic back to back rally in the global markets is hard to believe, but true. Rate cuts are now expected not only in the US but also Japan, which indicates the situation is serious.


We believe that markets do not bottom out with 10% gains. We saw such gains in US, Japan and Honk Kong and many other exchanges this week. But this is time also, when rates are being cut and investors pouring in money. So allow the rally to continue if you are partly invested. But if you are fully invested, sell in this rally. Today is the settlement. Looks tough that we will be able to maintain the initial gains if they are more than 100 point in the Nifty.