Market recovered at the end of the day....

Friends,
That is how market is!Did anyone expect that market will bounce back to normal after it went down for over 700 points?
I would like to ask Mr Azad who is an ardent followers of charts and technicals whether there was any respite seen yesterday on charts when market actually covered all the loss but ends in positive.......Is there any clue that charts is now showing..after making a double bottom at 12500!
Was there any thing that pointed that we should recover all the loss ground and close in positive territory?
And after seeing this..what does the charts fortell.....are we still to see the 9k levels......by Jan /Mar 09?Is there any significance when our market has made a double or triple bottom?
Mr Azad , this is not a criticism but am asking of curiosity.....
But it is clear that
1) It is not the fundamentals that is deteroitating but the sentiment is making the trouble.
2) When Dow went down by over 400 points why our market is showing strenght?
3)As I have written in comments, the short position created by Lehman Br is closed...is it that effect?
4)All the previous correction or whatever happened.....was due to high levearaged position of traders in F&O and also in cash stocks while while borrowing finance from the Brokers....etc....
5)The fundas are still in tact.....8% GDP is no mean less by any standard.
6)That is the only reason I am still writing about bullish view....
7)Crude is coming down , hence inflation will come down.....
8)3 out 5 big banks has gone bankrupt and only two is left.........eg.Bear Stern,Lehman,AIG gone ....Morgan Stanly and Goldman remains....there are news that now is the turn of UK banks to go bankrupt.....but I need to ask are they big enough like Lehman and Bear Stern to make that big an impact?

Well,I am writing the concluding part as I had to discontinue my post due to some work....

The summary of the above is, Can we go below 12500?
I would like to know what technicals analysis says after todays recovery............
The only problem Indian Market was facing is selling of FII and looking at the way market reacted positively from the days low of 12500 put me in a dilemma whether the wrost is over for our market.The only thing haunting our market was FII selling and I think with Lehman Brs bidding a good bye to Financial World....there seems no one more remaining to sell in India.
I am even seeing cross transaction between 2 FIIs which seems to me a very good sign.
I would like to write here that all my picks which have come to abysmal level are worth looking at.eg.Sujana Towers from 200 to 48, Gremach from 550 to 60, Jyoti Ltd from 180 to 50 etc etc...
If we are not going to buy now then when?
These are levels of market sentiments and not of fundamentals....The sentiment is low and hence we are seeing these prices which seems to me a life time chance to have it.
First Global Shankar Sharma is bearish for 2-3 yrs.He says that we will not be able to see the highs for 2-3 yrs.His prediction is on the world economy slowing down and the Financial Mess that has come out.
I also some times gets surprised and even annoyed how the top Honcos who are having so big a salary can just take down a 140 year old company, Lehman Br to ZERO in a quater or maybe couple of quaters!I need to pat them on back that even a simple and a lay investor would not make mistakes like they did and they are said to be the most learned people of the world.
The biggest mistake according to me was made by Lehman Br was investing in Sub prime Mortgage papers for $140 bn and that is Zero?
I can't understand how the things happened so suddenly and the value becomes Zero....Lehman Br 52 week high is $68 and it went to $.65, means 65 cents.Does it mean that what they invested in the papers of Sub prime Mortgage , $140 bn , has become Zero?How that can happen?How a value of $140 bn can become zero....the houses are still there...they can atleast fetch 50% of the original high....so it comes to atleast $70bn...
But buying Sub Prime Mortgage papers is a biggest mistake and there can be no mercy on those to took the decision and who approved the transaction.They have put the whole world economy at risk.
But I think the whole Model of western world financial sector need to get sae change and am sure there will be sweeping changes.