Nifty, rupee on brink of record lows; horror grips D-Street

Another day of slaughter on both the stock and the currency markets today. Nifty dipped below to 4,800 but the level of destruction in individual stocks over the last few days has been rather more shocking.

"It is the 9th day on the trot that we are seeing this kind of intense downward price action and even rupee is nudging on the doors of 52," says CNBC-TV18's Udayan Mukherjee. Whichever way one may look at it, the panic stricken times for lot of market do not seem to shy away. "We are just about 70-80 points away from the lows we hit in August and October," Mukherjee cautioned. It is now pointless looking at the 4,800 or 4,700 levels on the Nifty as stocks today have gone way below those levels. At the individual level, if you take out names like HUL, ITC, and Infosys and look at stocks like ICICI, Coal India and ONGC they have gone way below their 4,700 lows. "Market looks quite oversold now because these last couple of days the momentum on the way down has picked up. So, just in the near-term, it is approaching probably oversold levels. Now whether that oversold level is 4,800 or we go and hit 4,720 once, then maybe the rupee coincides with that goes to 52, the RBI steps in and we get a bit of a pullback," Udayan anticipates. Hence, he says, for the trader who is trading short right now and sitting on very handsome profits, it is probably judicious to trade with a trailing stop loss because you could get a sharp pullback from this kind of oversold ground. However, he adds, "I don