It needs to be noted that Nasdaq does not follow the system of trading halts, no matter how its index behaves. We may apply the halts both in respect of fall as also rise in prices. Our difficulty would, however, be the selection of the index. While it has to be one single index, which should be mutually agreed upon by the stock exchanges possibly with the intervention of SEBI, halt on trading operations should be of universal application to all stock exchanges in the country. Market has its own vagaries.
Wisdom lies in taming the market, effectively and more importantly in time.