SATYAM (ASATYAM=FALSE) TRIGGERS FALL

As Agni level was above the Nifty and %k of slow stochastic was in overbought position (above 90), we were expecting the start of a downward movement in Nifty. But SATYAM (Satyam in sanskirt means truth) Chairman's resignation and later his statement that the accounts published were cooked up, triggered the fall. From 3147 Nifty crashed to 2889 and with a little bounce closed the day (7-1-09)at 2920. The Satyam story is definitely a black mark on Indian corporates and wonder how such things can happen in India with all these well qualified CAs and other regulatory authorities. Let us wait and see.