Wall Street's witnessed the worst day in two months on Tuesday with bears all over the place on different local and global factors. US Dollar surges to two-week highs while China unexpectedly raised its benchmark lending and deposit rates for the first time since 2007 ahead of data that may show inflation accelerated to the fastest pace in almost two years. Stocks and commodities fell.
Asian stocks sink
Wednesday morning witnessed carnage in Asian markets, thanks to global cues. Chinese rake hike might take toll on India metal stocks too.
Dalal Street - Nifty likely to test supports
Dalal Street which is trading with a negative bias from the past 5 trading sessions is likely to gap down with Nifty attempting another breach of support level at 5970. Below 5970 one might witness a big slide in the benchmark indices.
For now stay invested though correction cannot be ruled out.