>Daily call(ANAGRAM)

Global markets are going through turmoil of enormous proportions. Large amount of shares are changing hands everyday with extreme price volatility. On one side we have Mutual fund and Hedge fund as sellers who face redemption and needs to get out of markets soon and on the other side are the traders who earlier went short and want to lock in their profits by reversing their positions or long term investors who appear on the scene when they perceive a bargain.

Take an example of US markets. While we were closed on Thursday, US markets fell shapely on their Wednesday session and for most part of Thursday's markets, albeit to recover all its losses in the last few hours of trading. From Tuesday's close to Thursday's low Nasdaq was down almost 10% and Dow almost 8%. In two hours of the trade yesterday, they surged back 12% and 10% respectively. To put these numbers in perspective, US market first lost as much market cap as India's size of Economy and recovered more than that by the closing.

The reverse is likely to happen in our markets, we may open higher with the world markets, but sustaining opening gains looks daunting. 10300 is the resistance now, on our way up and 9300 and 9000 are the supports for the Sensex.

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