Market may fall further

MUMBAI, JULY 21: Panic has gripped the broking community after the RBI hiked the key interest rates on Friday. The rate hike announcements, which came after the markets closed, has sent the broking community guessing about Monday8217;s opening figure for the Sensex. But they are sure the market will open with a huge downward gap.

According to Chirag Sanghvi at Asit C Mehta Investment Intermediaries, 8220;The Sensex is expected to open weak on Monday and we are looking at a Sensex level of 4350.8221; 8220;Technically too, the index is in bear grip,8221; added Sanghvi.

On a slightly longer term view, the Sensex might even see 3800-level, feels Hiten Sampat at Parag Parikh Financial Advisory Services. 8220;With the rate hike, market feels that the cost of borrowing for the corporates will be higher and this is going to squeeze their bottomline,8221; added Sampat.