Bleeding market: Experts say not time to press panic button

Moneycontrol Bureau

It was a complete bloodbath on the market today with no signs of redemption. The indices started on a weak note and slid further on capitulating global cues. Fed's gloomy outlook on the US economy and a sharp fall in rupee (which signaled huge outflow of money) resulted in such a severe cut. (Read in details how was today's trading)
Global sell-off triggered the biggest point fall on Nifty since October 2008 and biggest percentage fall since August 2009. The 50-share NSE Nifty fell by a whopping 209.60 points, to close at 4,923.65 and the 30-share BSE Sensex dropped 704 points, to end at 16,361.15.
There is a growing worry on the street, experts feel that weakness is going to continue till tomorrow. However, the market is likely to recover on Monday, says SP Tulsian, Technical Analyst. Must read: Stay away from high beta for now, short IT instead: Experts
Dilip Bhat, Joint MD, Prabhudas Lilladher is concerned that the markets will crack sooner than later and may sink below 4800 or 4500. Noting that the bears will be in the fray for another six to nine months, Bhat suggests selling on every rise.
According to Kunal Bothra, LKP Shares, the trend looks weak with 5180 as resistance.
Nonetheless, some experts also believe that valuations of some stocks are looking very attractive. "It