Key indices make slight recovery

MUMBAI: Key indices were weak but off early low as selling pressure eased a bit. The market started the week sharply lower as weakness in stocks overseas weighed. Realty, capital goods stocks were worst hit.

“The undercurrent is weak. Sensex has support at 14700 and Nifty at 4280. If these levels are violated, the fall could be sharper,” said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Interrmediates.

Iyer advises traders to go short and exit longs and warns longer-term investors to stay away from the market, as he expects further correction.

At 11:10 AM, National Stock Exchange's Nifty was down 92 points or 2.4% at 4309.25, recovering from a low of 4267.15.

Bombay Stock Exchange's Sensex was at 14836.69, lower by 301 points or 1.9%from the previous close, but off the low of 14705.58 made earlier.

Read more in The Economic Times