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Monday, Oct 25, 2021
Outlook.com

Bungee Jumping On The Bourses

Political instability takes a toll on all sustaining fundamentals

Bungee Jumping On The Bourses
Bungee Jumping On The Bourses
outlookindia.com
-0001-11-30T00:00:00+05:53

HISTORY repeated itself on The Stock Exchange, Mumbai (BSE) when the Sensex fell by over 160 points in one trading session last week. On Monday, October 7,when the index closed at 3,002.86, it had lost 251.87 points over a single week. While technical analysts are calling it the nadir of the fourth cyclical consolidation phase that began in April 1992, the last couple of months have evidently speeded up the slide. Since July the Sensex has actually fallen by over 800 points, thanks substantially to the ’97 Budget.

Even as deeply worried brokers keep their fingers crossed, it seems the ever-widening bottom of the stockmarket has yet to be reached. Says Vivek Patil, a technical market analyst who has devised the software, Advanced Stock Analysis: "This wave would be correcting the dynamic third wave of 34 years from 1958 to 1992.The fourth would technically take a minimum period of four years, but would ideally take up to 13 years."

While the controversy over the State Bank of India (SBI) GDR issue and its pricing triggered the avalanche (see box), the...

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