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Sovereign Debt Worries Or Technical Pull Back ?

Global markets plunged on worries of European debt crisis deepening and this caused our market to open big gap-down and trade deep in the red through the day. However, in last half hour of trade, it made some smart recovery and ended with modest losses. Sensex shut shop at 17087, down 49 points and Nifty at 5124, down 23 points from the previous close. CNX Midcap index was up 0.5% and BSE Smallcap index was down 0.2%. Top Nifty gainers were Bharti Airtel, SAIL and Wipro while losers included JP Associates, Jindal Steel & Power and Sterlite Industries.

In my Previous blog "How to Short Market" mention about technical over brought situation in market,Global market are taking this Sovereign Debt as a short cut to Correct.So take this as a technical pullback and buy those stock which are over sold and still above 200 DMA.

About NIFTY ,closed today near 20 DMA and main Support of 50 DMA is 4890 which is so far ,till that hold this market will be Buy on declines.