Imagine this. 3 balls remaining 8 runs to win and 8 wickets down. SIX of the ball. 2 balls remaining 2 runs needed 2 wickets. Bowled. 1 ball remaining 1 wicket in hand, spinner bowling who as taken 5 wickets already and a tail ender batting who does not know how to hold the bat. Who wins? The batting side or the bowling side. There is more. There is a slight drizzle on the ground and the umpires are asking for a break.
This is exactly what has happened in the market today. We went down deep with no hope of rescuing pt. 4747 (the triple bottom technical point) and between 1400hrs and 1530hrs what a finish. We have actually closed at pt. 4747. The man of the match is clearly the big daddy of the stock market RIL which pulled up the market by rising 1.11% while most of the market bigwigs were wilting. Power and capital goods continued to fall from grace. Autos taking a beating too, despite good sales numbers in November 2011. Banks too had been weak most part of the day.
So on the D-day that was today the market provided enough climax to all and sundry. Now the next question, since Mt. 4747 is retained and with Dr. Subbu doing the magic tomorrow; what lies ahead. I would imagine that we are headed for a marginal uptick and also could do a nice little bounce from these levels.
The global situation, as always could be a spoiler though, and we know that it was because of the global show that we are where we are. And with that picture slowing down due to holiday season in a week’s time, it might be a painful tread uphill.
Will keep you guys updated on what Dr. Subbu does tomorrow. My sense is that he is just going to pull a Telugu Rabbit from his hat and say “Yelavunddi” { How is it?}
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