Today some of our shorts behaved entirely different with the markets. GAIL not moved down and stood firm. Was not breaking 410. All fertilizer counters were bleeding. Some of them were trading more than 5% down. But Uniphos traded entirely opposite to the market. It doesn't mean that they are good or worst is over for them. NO! NOT AT ALL! Have patience with them. The day these stocks starts moving, the moves will be fast and furious. HPCL practically never traded below 374. So there's no point of trade in it. Advised not to take position in that counter, as the September futures were trading already at Rs.10 discount. You can understand what will be the position of HPCL next month. Next week is deciding for the stocks shorted. Will review our positions if needed and divert cash to some other counters. We are still holding shorts in GAIL & Uniphos. Today shorted Chambal Fertilizers at 103.5. Already running on huge profits on that counter.
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