Stock and Commodity Market on 26/11

Nov. 26, 2009 - PRLog -- There was panic! There was cry, I even heard traders last shout and someone did yelled sell at back of my mind! What a market it was, where fear had tightened its grip and bears were squeezing longs even tighter to get their last drop of blood. I don’t like what I see! Yeah! That’s what I said to myself when I saw flurry of sell orders slip in front of me at the market window of all the top notch counters including Reliance, Tata Steel, Bharti  and on and on.I started wondering when’s the market gonna stop selling, and my friend had a big grin on his cheek sayin its 3:30 mate.Free Time! Ya Ya! For a moment I thought he just read my mind as to what I was wondering and he was damn right! Markets closed at 3.30 and yes the selling ended. But it was a bloody street at the end of day.  

A messy one!I was watching the tape whole day and the emotional roller coaster ride had just come to an end after a rigorous 5and half hour killer trading session. I was completely whacked out! It takes a lot to sit tight and watch the screen  as markets tease you squeeze and gives a dodge.

But Tape tells it all! And what I saw in those 5hours, it did take my breath away. I saw markets opening near at previous day’s close of 5094 and it rallied a bit to 5107,but in between I did managed to see huge position of around 40k nifty winding at around 5103 .I said to myself this is the time to be alert and watch the action packed drama that could result in next few hours. Markets retraced a bit and rallied till 5107,I was confused, but didn’t wanted to miss the action and remain glued to the screen. After spending more than 30 minutes between 5098-5108 market started to loosen .And I saw Nifty slipping away  to 5070-5080 levels and  that’s where it spent most of its time .I thought worst is over and we’ll see market bounce back to its origin point. But market had some other plans for the day. Real drama started after 1’o clock when markets were hit harder .Sell was the call! And panic selling rushed in causing markets to slid further till 5058.There was hope and hope is a true enemy of a trader. Nifty futures never bounced it went southwards.Oh Boy I thought that it’s Enough for the day, my inner voice screamed.

But what I saw next was even more shocking as within few seconds after touching  5048 ,a whole new flurry of sell orders rushed in and markets jolted badly once more as it touched 5038.All heavyweight felt like light weight as they dropped like a pack of cards. And then comes the biggest surprise for day!It was mayhem I saw Nifty cruising below 5000 .It was too much to take for the day.I saw huge chunk of TATA Steel shares being unloaded around 544 and the history has it when Steel bends Market bends!.The counter had being knocked out by more than 3% on back of disappointing quarterly results.And in the meanwhile smart investors were taking shield to defend themselves by initiating longs in defensive counter mainly ITC.I felt this could be just a beginning of end and more weakness could develop as markets open tomorrow on Friday i.e. 27thNov’09.And I hope I am wrong!



Diveya Alok Simon
Internet Marketing Executive
CapitalVia Global Research Limited
www.capitalvia.com

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CapitalVia Global Research Limited is a Investment Advisory Company which provides recommendations for Stocks- Cash and F&O traded in NSE & BSE, commodities including bullions, metals and agro-commodities traded in MCX, NCDEX.