It was up 20% very recently so this is about 8% drawdown. (Drawdowns are peak to lowest point after that).
Not worried, I still think these stocks have some serious issues. The markets may go up to 3200 meanwhile; and the next wave of selling is likely to hurt even more so a short strategy should do good.
I'm looking closely now at the diversified players, IT and anyone that still has a reasonably high P/E. I have wanted to short Naukri for a while but there is no liquidity in the future; no point doing something that can't be replicated in real life.
Disclosure: No personal positions as of now. But I might take some in my next position, coming up really soon.
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>Deepak,
How do you rate Financial Technologies?
12.14.08 at 11:58 AM
>They’er screwed on ops; both the FT and MCX arms are hosed with markets taking a beating.
But they have a good chunk of other income, and probably some cash. Trend of course is VERY negative.
12.14.08 at 12:36 PM
>I dont get this if u believe market is going to 3200 why not book u r losses and go short at 3200.
12.14.08 at 12:59 PM
>Anon: May go up – it might not either. If I believed it would definitely do so, I would have cut the positions :)
But you can never say when it’ll turn and the money to be made on the downside is higher…so it’s best to retain the current position. Anyhow it’s only a 1/2 allocation, will probably need to increase it as opportunities arise.
12.14.08 at 1:49 PM