Market to open gap-down as financial crisis worsens

Stocks are headed for a downhill journey on Wednesday as the global financial crisis worsened after US Federal Reserve chief Ben Bernanke'
s remarks indicated the central bank's record loans to unblock credit markets are insufficient to prevent a deeper economic downturn.

US stocks plunged on Tuesday in their fifth straight declining session. The Dow Jones Industrial Average sank 508.39 points, or 5.11 per cent, to end at 9,447.11, the Nasdaq Composite Index dropped 108.08 points, or 5.8 per cent, to close at 1,754.88 and the Standard & Poor's 500 Index slid 60.66 points, or 5.74 per cent, to 996.23 - the first time the benchmark index has closed below the 1,000 level in more than five years.

Intraday, crucial support is at 3555 and for continuation of the down swing the bears require a low below 3477. Pivot is pegged at 3 669 points which if sustained may test 3728-3745 points. Though liquidity was poured in still it failed to push away clouds of fear. High volatility is likely to persist, trade with stop loss or stay away till the dust settles