No one had expected such a bad listing for Reliance Power IPO and the impact on fragile Indian equity market is huge. We saw another black Monday, shaking investor confidence.
US markets ended marginally up. There is no much hope from US markets in the near future and so Indian markets are expected to be in bear phase for a longer term. Yesterday’s NIFTY closed below 200 day moving average which is not at all a good sign. There may be a slight recovery today but I would not bet on our markets for the time being.
It is better to watch the developments for few more days before bottom fishing. It is interesting to watch when the power will be back.
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