Nifty Update for September 16 - Inder Bhatia

The Indian market opened massive gap-down on the back of a weak global market and credit crisis in the US financial space. Nifty recovered from the day's low but closed in the red zone. However, on the daily chart, the BSE Sensex has made a Hammer pattern. This indicates some upside is possible toward 13700-13800. However, if the Nifty falls below today's low again, we could test 3800 levels once again.