Morning Update:- (This space will be updated in the morning based on world mkt cues):
1.Bailout plan :- Vote on the same likely today. Consensus on $700 Billion.
2.Asian markets :- Down now 2% at 8.35 A.M. Sgx Nifty which was up by 95 points(at 7.00AM) is down by 20 points now(8.35AM).
3.Indo-US Nuclear deal passed thru' US House of representatives.
4.With so many conflicting indications, Nifty's price action will depen on the state of Asian market at 9.55AM (More likely down).
Prices are definitely trending lower. Hourly is near or in the oversold but that alone can't change the trend unless reverses above 4045 and continues to make newer highs and closes the day above 4100 - 4150.