Euro slides to a four year low, Goldman makes 9 wrong trades out of 11 trades recommended to clients in 2010 and now the feather in the cap, Germany bans naked short selling citing excessive volatility in the Euro markets! Like we all believe that!
The step taken by Germany’s BaFin financial-services regulator was clearly a panic reaction. If it smells funny, I am not eating it! A flurry of bad news is flowing in the market and the volatility has gone over the roof. Better to let the European Nations fight it out while you remain on the sidelines and watch.
4900 on Nifty is still the place to go long albeit with a stop loss at 4840.
Sugar stocks seem to have bottomed out and Balrampur Chini looks the best among the pack. The tradeable bounce can take the stock to 82.
Pharma still remains my favorite sector and Divis Lab my favorite bet. Also a defensive sector which does not have a high beta. Divis is stuck in range from 680-720. ABove 720 can target 770-780.
Have a great trading day,
Regards,
Rahul T.
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