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After going more than four years without a market correction of 10%, the Dow, S&P 500, and Nasdaq all endured large enough losses intraday to make such a scenario become a reality.
However, a huge short covering rally in the S&P 500's most heavily weighted sector -- Financials -- triggered a significant broad market advance in the final hour of trading.
At their lows, the Dow, S&P 500, and Nasdaq were down 2.7%, 2.6%, and 2.9%, respectively. The sharp losses followed an alarming announcement from Countrywide Financial (CFC 20.18, -1.11) that it had tapped the entirety of its $11.5 billion credit line to deal with short-term funding issues.
Stocks, however, garnered momentum late in the day and staged one of the biggest market turnarounds in recent memory. All three major indices closed above their "corrective" lows. The S&P 500 eked out a small gain while the Dow and Nasdaq closed modestly lower.
Fears of a global liquidity crunch, which prompted carry-trade unwinds that sent the yen surging the most against the dollar since 1998, were among several issues plaguing stocks right out of the gate.

The support for the Sensex is at 14093-13675 and the resistance to the up move at 14510.
The support for the Nifty is at 3972 and resistance to the up move at 4220.We are still not advising a long position as still uncertainty prevails with the Asian Markets still deep in the red.


F&O cues:
Futures Open Interest up by Rs 91 crore
Options Open Interest up Rs 630 crore
Nifty Aug Futures shed 4 lakh shares in Open Interest
Nifty Aug Futures discount at 23.5 points
Nifty Open Interest Put-Call ratio at 1.29 Vs 1.28 on Monday

Market cues:
FIIs net sell USD 128.70 mn in equity on Aug 13
MFs net buy Rs 22.80 crore in equity on Aug 13
NSE F&O Open Interest up by Rs 721 crore at Rs 85540 crore

We will be back by mid trading session for free intra day tips and more market insight.
Adhere to strict stop Losses in order to safeguard your interests.For more stock specific buy and sell , subscribe to out free newsletter or join our paid service.

As predicted , the US markets ended deep in red for the second consecutive day and the Asian indices followed suit with even deeper cut.Markets will definitely open with a gap down and are expected to have a further slide in the first hour. Skip the first half an hour of trade.Techincally,
The support for the Sensex is at 14475 and the resistance to the up move at 15062.The support for the Nifty is at 4155 and resistance to the up move at 4395.

F&O Cues :
Futures Open Interest up by Rs 946 crore
Options Open Interest up by Rs 155 crore
Nifty Aug Futures shed 2 lakh shares in Open Interest
Nifty Sep Futures add 1.45 lk shrs in Open Interest
Nifty Futures discount narrows to 18 points
Nifty Open Interest Put-Call ratio at 1.28 Vs 1.31 on Friday

Market Cues :
FIIs net sell USD 101 mn in equity on Aug 10
MFs net sell Rs 169.80 crore in equity on Aug 10
NSE F&O Open Interest up by Rs 1,101 crore at Rs 84,819 crore

Investors who were short earlier can look to book profits.
We will be back by mid trading session for free intra day tips and more market insight.
Adhere to strict stop Losses in order to safeguard your interests.For more stock specific buy and sell , subscribe to out free newsletter or join our paid service.

The US markets are trading weak as we write this even though they are in the positive territory.CBOE volatility has risen to 30% which is a negative sign.Its going to be really volatile in the last hour of trade.So much for the bulls trying to shake out another batch of short sellers as their efforts are met with an equally impressive wave of consolidation. The market's knack for selling into strength has been a running theme for weeks now and, as evidenced by the market's latest roller coaster rise, today has been no exception. The Dow came within five points of turning negative.
DOW JONES +8.17
NASDAQ +5.87
US markets ending in red could really spark a gap down opening in the Indian markets.
We will be back in the morning.

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