The markets had a bad day today.It was downwards all the way. Not really surprising given that the charts have been showing signs of weakness over the past few sessions. What was surprising was the intensity of the fall, with the Sensex falling over 300 points to a three month low.
The railway budget did not help with the freight hike and to top it we had the European debt crisis raising its head again. Another point to note is we are approaching the budget with a capital B and the expiry, so you can expect volatility the next 2 days for sure.
The best way to play out this market would be a long straddle on the Nifty, ideally at the money. Let us know how this trade goes for you, good luck!
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