The bad news seems to be flowing unabated, this time in the form of Egyptian crisis as the voilence spreads, sending negative signals to investors across the globe. Dalal Street is likely to gap down with Singapore Nifty showing massive losses of nearly 95 points.
Wall Street was hit badly on Friday as voilent protests marred Cairo streets seeking Mubarak's resignation. Crude oil reversed trend and is inching back towards $90 levels.
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Markets - Panic opening likely
Looking at Singapore Nifty, we expect a gap down of nearly 80-90 points for Nifty today. 5450 might act as the saviour and a massive bounceback is not ruled out. Going by day today events, Dalal Street appears to get no respite from selling.
Investors have limited choices at these levels except to hold and hope for the best as majority of the damage is done. While still there are punters who predict 4500 and 4200, we believe that would be a tough scenario