Pri Market Commentary ...

Today, we expect another weak opening on the back of the global meltdown. From there on, the trend may turn choppy and will hinge on news flow. Given the bleak economic background, both globally and locally, stocks are unlikely to rise too much from current levels. There may be some more room on the upside, but there will be selling after every spurt. A sudden and sharp sell-off like Wednesday is not ruled out.

All said and done, Obama has won. The fact of the matter remains, investors and traders are in the market to make some bucks. That doesn’t seem to come easy for quite some time. Looks like the world markets are following the Indian market, as most global equity benchmarks tumbled on Wednesday amid mounting worries over the fast spreading economic gloom.

The main US indices are down over 5% each as a couple of grim economic reports took some shin off Barack Obama's historic win in the presidential election. Asian markets are down 5-6% this morning, with Shanghai stocks falling to the lowest level since September 2006. One exception was Europe, where the fall was relatively less (2-3%) than in other markets.

Take a break and wait for lower levels to resume your buying.