CNBC-TV18’s Executive Editor, Udayan Mukherjee - There has been no meaningful recovery after a horrendous start this morning, there have been attempts made a couple of times. The Sensex has tried to claw its way back above 17,000, never managed to stick. It’s dangerously close to 5,000 now on the Nifty, in fact down to 5,024 and the Sensex down well below from 17,000.
 
The breadth has been pretty bad, volumes have been pathetic, on this big down day. So not that there is huge selling pressure, there is just complete absence of buying.

Failed attempts a couple of times, the Nifty tried a couple of times to get back, to those 5,100 levels but they are just not sticking. It’s quite disturbing and if you follow trading patterns, that consistently throughout the day today, at least in most parts, we have traded below the 200 DMA. That’s not a sign of strengths at all; you need to stay above that to give you some semblance of trading strength but that’s not happening, and that I think would be quite disturbing for the traders.

I don’t know where it will close for the day but it’s not looking very good. But if we do close below that 5,050 level, which is the 200 DMA, again in the near term, you are just opening up weak spots for the market. So it’s not rocket science on a day when we are down 600 points to say it’s looked bad, but the inability to recover throughout the trading day, shows that the market doesn’t posses near term strength at all.