Buy Nifty 26 May 15300 PE For TRGT Rs. 120 - Religare Broking
Derivative Ideas
The Markets witnessed huge selling pressure on the expiry day amid weak global cues and NIFTY shed 2.65% and closed at 15809.4 on 19th May. The down move happened with significant addition of Fresh Shorts in its FUTS. With 16000 as Resistance, we anticipate more pain ahead and NIFTY is likely to test its support at 15650. We thus suggest initiating Shorts with the PE option.
Strategy:- BUY NIFTY 26 MAY 15300 PE @ 50-60, SLOSS AT 10, TRGT 120.
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