To all of you, each one of you who has written to empathise with my anguish yesterday, I send my salutations for all the support.
Over the weekend I'll come back here to express what I have felt. There's no time now.
Something needs to be done on that front and we should be discussing this in a seperate thread.
So I'm back here.
Ok Then.
Oh well, guess what.
Thats right.
Its the usual suspects, of course.
The chronology (roughly):
- Commodities/metals had just caused a sharp knee jerk across the global markets.
Our markets saw a deeper cut compared to elsewhere.
- The next day the international markets recover.
Our markets stage a fairytale recovery.
- Next day (for yesterday) US markets pull back sharply, owing to various economic concerns.
As a result markets everywhere take a deep plunge.
But then our markets all but breakdown.
Now suppose our markets were to keep pace with the fall elsewhere, then Id say, perhaps a 150 point on the Nifty may have just about sufficed, if not justified.
So what about the balance of about a hundred extra points down?
You guessed right.
Its the usual suspects, of course.
The bloody government is at it again. (remember the SEBI-Karvi-Indiabulls saga)
Anyway, I guess all the readers know the whole story by now.
Its being flashed from every available surface in a damage control exercise.
To add my little aside:
The administration closely resembles the erstwhile chief of the mythical Lanka.
Yes, Raavan.
Of the ten heads, or is it a thousand!
But for his fate, were told he was a well coordinated, brilliant and a talented being.
All his heads thought as one.
All his mouths spoke as one.
But in our case here, each of the heads, whether SEBI, FM or any other goon for that matter, speaks as a disjointed entity.
This causes utter confusion and mayhem.
Our markets have over and over again been hammered thanks to this foot-in-mouth sickness our Raavan suffers from.
And the irony is, as Raavan had only two feet, there arent enough feet to put in all thouse foolish mouths.
Foot-in-mouth is a fatal disease.
It just caused, we are told, the disappearance of lakhs of crores worth of market capitalisation.
Sounds as if this market capitalisation is some kind of a colourless, odorless gas doent it.
The tragedy is, this is a very tangible loss that has hit pretty much every market player out there.
As always, less said the better of these goons.
A couple of days ago, Id written that the market is a self adjusting entity like no other entity anywhere.
It adjusts with great intelligence and speed.
This is true despite all the knee-jerk activity that goes on.
So for today, is our market going to adjust for the extra points it lost yesterday.
Id say yes, up to some unknown level.
It should attempt a recovery.
A few levels quickly, and Ill post again a little later:
Supports are 3384-3380-3376-3372-3368-3364-3360-3356-3352-3348.
3341 is a crucial level.
To the up, 3393-3396-3399-3402-3405-3408-3411-3414-3418-3422-3426-3430.
As I said, these are provisional and will post again.
Over the weekend I'll come back here to express what I have felt. There's no time now.
Something needs to be done on that front and we should be discussing this in a seperate thread.
So I'm back here.
Ok Then.
Oh well, guess what.
Thats right.
Its the usual suspects, of course.
The chronology (roughly):
- Commodities/metals had just caused a sharp knee jerk across the global markets.
Our markets saw a deeper cut compared to elsewhere.
- The next day the international markets recover.
Our markets stage a fairytale recovery.
- Next day (for yesterday) US markets pull back sharply, owing to various economic concerns.
As a result markets everywhere take a deep plunge.
But then our markets all but breakdown.
Now suppose our markets were to keep pace with the fall elsewhere, then Id say, perhaps a 150 point on the Nifty may have just about sufficed, if not justified.
So what about the balance of about a hundred extra points down?
You guessed right.
Its the usual suspects, of course.
The bloody government is at it again. (remember the SEBI-Karvi-Indiabulls saga)
Anyway, I guess all the readers know the whole story by now.
Its being flashed from every available surface in a damage control exercise.
To add my little aside:
The administration closely resembles the erstwhile chief of the mythical Lanka.
Yes, Raavan.
Of the ten heads, or is it a thousand!
But for his fate, were told he was a well coordinated, brilliant and a talented being.
All his heads thought as one.
All his mouths spoke as one.
But in our case here, each of the heads, whether SEBI, FM or any other goon for that matter, speaks as a disjointed entity.
This causes utter confusion and mayhem.
Our markets have over and over again been hammered thanks to this foot-in-mouth sickness our Raavan suffers from.
And the irony is, as Raavan had only two feet, there arent enough feet to put in all thouse foolish mouths.
Foot-in-mouth is a fatal disease.
It just caused, we are told, the disappearance of lakhs of crores worth of market capitalisation.
Sounds as if this market capitalisation is some kind of a colourless, odorless gas doent it.
The tragedy is, this is a very tangible loss that has hit pretty much every market player out there.
As always, less said the better of these goons.
A couple of days ago, Id written that the market is a self adjusting entity like no other entity anywhere.
It adjusts with great intelligence and speed.
This is true despite all the knee-jerk activity that goes on.
So for today, is our market going to adjust for the extra points it lost yesterday.
Id say yes, up to some unknown level.
It should attempt a recovery.
A few levels quickly, and Ill post again a little later:
Supports are 3384-3380-3376-3372-3368-3364-3360-3356-3352-3348.
3341 is a crucial level.
To the up, 3393-3396-3399-3402-3405-3408-3411-3414-3418-3422-3426-3430.
As I said, these are provisional and will post again.
