Will mkts pull back or see further carnage? Experts debate

It was a scary session for the market. The sell-off across sectors during the latter part of the day sent the Nifty well below 5500-mark for the first time since September 6, 2010. However, it closed above that level. The 50-share NSE Nifty closed at 5512.15, down 92.15 points or 1.64%. The 30-share BSE Sensex slipped 288.46 points or 1.54% to settle at 18,395.97.

So far the Nifty is still above that September break-out level, 5,400, but there are fears among the investors that this is not just a bull market correction, but runs very close to becoming an eight-nine months or one year kind of a bear market situation.

How deep could be the downside?

Ambareesh Baliga, Karvy Stock Broking sees further downside.