Monday, September 29, 2008

Confidence shaken !!!!

As the markets were on their downward slide over the past few weeks (the minor upsurges in between proved to be nothing more than false starts), I continued to hope, in fact I believed, that terra firma would be found sooner than later and once it had, the markets would bounce back, slowly but surely. In order to profit during the recovery, I kept on investing at every little milestone that the Nifty broke on its way down.

But today, after another horrible day on D-street, the confidence seems no longer there. A 135 point fall today, close on the heels of an equally bad day on Friday, has sent shivers down the spines of ordinary investors. Suddenly, as if from nowhere, figures of 3400 and 3200 are being tossed about as next 'support' levels (mind you, 3800 was supposed to offer good support, but the market broke that effortlessly today). But now, I doubt if anyone knows what is going to happen next. As I write this on Monday 2100 hrs IST, the US markets are not looking good either. So expect another dissapointing day tommorow !!!

I, for one, can't wait to open the good ol Fixed Deposit offered by my friendly neighbourhood bank !!!!

NO Cheers


Dhananjay said...

With US house of representatives rejecting the bail out and dow jones falling 7% expect the markets to go down further. But then the current markets were never about fundamentals and had to do more with general economic scenario which at present doesn't look promising enough for US or Europe.
FD's well if your good old friendly neighbourhood bank is ICICI or Citi even that can be a cause for concern :-)

Nothing Spectacular said...

when others are greedy, be fearful. when others are fearful, get greedy - Warren Buffet :-)