Few days ago I received lots of email that if European debt crisis responsible for correction in nifty future, I would say yes, European debt crisis has much to do with not only India but many other global economies. This crisis started after the Lehman brothers was announced bankrupt in 2008, soon subprime crisis began and real estate and banking sector has took the biggest hit. Recently 8 European economies were downgraded by rating agency S&P. France AAA rating was cut and Greece is now near to default, analyst believe if Greece default happen then it will cost more than 1 trillion Euros. Due to slowdown in Europe, global growth has been off rail. When there is global slowdown how can India escape it, so we see nifty future adding short position and moving much lower. Now we even see Spain following the high debt path of Greece so it is more likely the euro will be underperformer in near term to medium term.