If we don’t get a snap-back rally soon, things can be pretty ugly, especially below 15,300

In our previous issue, I had suggested that the short-term trend was down. At the time of writing that piece, the Sensex was at 16,860. Over the next two weeks of trading, the market has gone on to make fresh lows. It had crashed below 16,000 on the day of the credit policy (actual low point of...