Sebi would do well to remove trade and settlement related apprehensions once more to restore confidence and remove misgivings, if any. The other fear could be about US sanctions, the details of which are expected to be known by Thursday late evening.

Investors might well ponder over the following carefully. Yes, investors should look at such a news break as another opportunity to buy stocks cheap.

As is known so far a billion dollar worth of World Bank funds would be held up. That could delay our infrastructure growth. But apart from government based funding, it is unlikely that commercial interests in US would be held back. There is already a lobby pointing out the distorted stance of the US government.

Panic bottoms are greatopportunities for buying a stock cheap. That is the best strategy one could adopt. The secret is to buy when every one is selling. And then sell when every one else is buying in an euphoric bull top! This formula never fails. Look back and you know what I say is true. But go for scrips which have been oversold and whose valuation looks cheap.

Investments in ICICI, State Bank of India, Reliance, ITC, Glaxo India and the like are bound to pay back in due course. Look at the buying at Hindalco today. It goes to show that some one is already buying, when there is panic around.

And do not get too worried about today's market retraction. The volumes were pretty low, as indeed two days earlier, when panic struck. It is quite likely that even UTI has booked its profits. That would be in perfect order for UTI to stay healthy. It has picked up at low prices earlier at panic bottom. This way UTI can support the market for another day, should the need arise!

Technically speaking the market could react further onFriday, and Sebi is likely to restrain the bears for a few days more. But let not panic overcome you. Think carefully and figure out how you can gain from the over all panic, rather than join mob hysteria. This column's advice Thursday to pick only at low prices was validated.