The last nine months have been an extremely painful period for the market. From the highs of 6,350 in January 2008, the Nifty has been on a continuous downtrend; a clear bearish signal. After several unsuccessful attempts to form a base around 4,280 (38.2% retracement from the previous high on monthly charts) in July and August, the Nifty slid to new lows of 3,715 in September. Every attempt at a recovery has been futile due to sustained selling from FIIs.

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