A Low in place: Possible.

The Nifty finally closed the week at 4225, up 17 points from the previous week.
Read this again. The market was almost unchanged at the close of of the week. Traders who have gone through five days of tumultous trading may not believe that the markets remained where started.
The Nifty now remains inside a trading range. Still there!
A larger range between 3800 and 4650 holds strongly, providing substantial support around 3800. There is strong resistance at 4650. Then, nothing has changed.
Trading should continue to follow the trading range pattern. Short selling is best avoided. If you do get a sell signal, consider using options rather than futures.
Plan a strategy that buys on dips. The dips have to be defined in relation to your time frame – day, swing or position trading.

There is no such thing as a free lunch

An interesting view on the current crisis comes in this blog :

During the stock market crash of 1929 and the ensuing Great Depression…at least the CEO’s whose abysmal decision-making led to those financially catastrophic events had the decency to leap from the windows of tall buildings to their certain death.

Today’s criminally guiltless CEO’s are rewarded for similar failures with golden financial parachutes guaranteed by the American taxpayer which they happily accept with open arms.

The land of opportunity has “spawned a whole new breed of men without soul”

My View: Leaping from tall buildings will solve nothing. The greed masters should work in the interests of the common man, and, by doing this, compensate society for their earlier acts. Unfortunately, all acts have to be paid for, eventually. A big mess in the American Markets is not going to go away by declaration of a bailout. The cleaning process has just been postponed. The entire world will be affected by the cleansing of the western financial system. There is probably more pain ahead.