New Delhi, Oct. 26 -- Last week, I got the markets wrong. Instead of sticking to the statistical weight of evidence as usual, I ventured into behavioural finance on its own. I figured that theJio Platforms IPO would trigger institutional support to prices. The fact that the week was shorter by a trading session seemed to favour that hypothesis.

However, the underlying nervousness in the undertone weighed heavily on prices. The noteworthy aspect was that almost every asset class worldwide. This tells me that the weakness may persist. As I have been advocating for weeks, "hopium" rather than fundamentals is dominating trader sentiments. That means higher levels are likely to get sold into.

Another noteworthy point was the number of scrips...