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Despite breaking the specified support level of 4,600 and touching a low of 4,448, the Nifty closed at 4899. The close above the 200 days moving average of 4,888 is a positive.
According to Kamalesh Langote of vfmdirect.com, the markets have a trend-line support at 4,600 and are trading well above the 200 days simple moving average levels.
The candlestick pattern formed on Tuesday is decidedly bullish. The markets are in an oversold zone as the five days relative strength index is at three and 14 days RSI at 17.
Source: http://www.rediff.com/money/2008/jan/23crash.htm

Investors on Tuesday lost over Rs 6 lakh crore (Rs 6 trillion) within minutes of opening of the Bombay Stock Exchange, which was immediately suspended for an hour after the 30-share barometer index, Sensex, hit the circuit limit of 10 per cent.
This loss of Rs 6,54,887.85 crore (Rs 6.548 trillion) comes on top of over Rs 11 trillion loss suffered by investors on the Dalal Street [Get Quote] [Get Quote] in the last six days.
"Small investors should stay away from the markets as of now. Let the market normalise and the volatility reduce," domestic brokerage firm SMC Global Vice President Rajesh Jain told PTI.
"Better to out when in doubt" he said, adding that there is too much of panic in the markets and it is better to stay away from it.
The Sensex lost 5,251.15 points in last seven trading sessions including today's early morning trade till suspension, while investors' wealth -- measured in terms of cumulative market capitalisation of all the listed companies -- has declined by a whopping Rs 18,40,173.31 crore (Rs 18.401 trillion).
As per information available on the Bombay Stock Exchange Web site, the total market capitalisation stood at Rs 59,53,525.87 crore (Rs 59.535 trillion) at the end of on Monday's trading against Rs 71,38,810 crore (Rs 71.388 trillion) before bourses began business last week on January 14.
The 30-share barometer tumbled 2,029.05 points to 15,576.30 within minutes of start of trading. The barometer index on Monday lost 1,408 to 17,605.35 points on concerns regarding the US economy going into recession.
Source: http://www.rediff.com/money/2008/jan/22fm.htm

Yahoo has entered the Israeli Internet search engine market.

The Israeli Web portal Walla Communications signed a strategic cooperation agreement with Yahoo, the Israeli business daily Globes reported Monday. The companies plan to challenge Google Israel's three-year market domination.

Walla will now be able to use Yahoo's new search engine, giving Walla access to one of the world's largest online databases. Searches can be conducted in Hebrew as well as English and other languages.

Walla adapted the version for Israeli users, Globes reported.