Logic and analysis say that there are better markets and better places where they can make more money than trying to support a failing market with enormous amounts of money.Just to maintain an index and also try making numerous failing attempts to take this market.
Another 20 paise drop in the Indian rupee will see them making the final call whether to hang on or call it a day and move the money out.This will set off a chain reaction which can bring the market back to 6100 or even below to 5900 levels.
They will do the best to support the rupee, bring in funds , they will short the dollar . They will write puts till kingdom come. But one thing has been proved certain 6500 can be breached. Now all that remains is how they close today. 6490 or rather 6487 is the key, closing below it would mean they lost the battle and soon the war too.
Europe is going to open in deep red. This is a certainty. Again we shall see the bulls trying to pour in money to hold the index up.In the last week or ten days they have poured in over half a billion dollars in just holding the 6500 level and have got nothing to show in return.They will pour more thinking that the bears can be broken and they will have free will. But the global cues are against it.And that will bring the bears out with their knives.