While the week started well, this morning, it is not quite sunny and rosy because global markets are under pressure. The US sold off overnight and it did sell off quite sharply. One can witness those cracks - 2.2% fall on the Nasdaq, and Wal-Mart is in the news once again for the wrong reasons this time.

Yesterday, we kept on talking about Wal-Mart and today it has come back with an ugly face, which is why the US markets were under such a lot of pressure. Asia is not looking too good.

So that is the dominant theme that the markets might react to this morning - on how global markets could peg us back. It is safe to assume that we will see a little bit of red in the screen in line with what is happening with global financial markets early this morning at least.

Markets are just getting into settlement, the series has been quite heavy and at this time, when people are engaged with rollovers to get a big hit from the global markets, it is not what you want to see. But markets don’t always pan out the way you want them to. 

So we will see a little bit of red on the screen, now whether this has a big cascading effect because of the positions, and goes down sharply or we get off with one bad day, is something one needs to analyse. But one should watch out for external shocks because internally we seem to be pretty okay and nothing will change in a hurry. 

The technicals of the market could change though because of external shocks. This morning, while it's too early to call it a big external shock, the day will probably pass in a subdued kind of a sentiment. Hopefully, things will not get worse globally. But this morning cannot be too good, we will probably see at least 100 points down on opening bell. 

Contd on Pg 2...