Market view

On back of weak global cues Nifty kept cracking from highs. It got minor support @ 2680, but that to broken on later hours. For today, watchout for 2662-2625, closing below it may lead to 2520 zone. Abv 2680, we may see some releif rally. Dow Jones cracked almost 5%, closing below 7000 mark nearly 12 yr low, after AIG reports biggest quarterly loss in corporate history & Nifty Fut: Broke crucial support of 2660. It may test 2600-2580 if stays blw 2625. We would like to advise all to think of covering shorts once in 2550-2600 range & wait for confirmation for next move. We may expect a flat/gapdown opening of 20-30 pts on Nifty, avoid shorting at lower levels