Sell NIFTY 7 JUL 15400 PE For Target Rs.5 - Religare Broking
Derivative Ideas
NIFTY gained 0.53% and closed at 15835.35 on 4th July. The index after finding the support at 15650 levels saw a good up move during intraday on the back of PE writing at 15700 and addition of Fresh Longs in its FUTS. The data suggests base formation around 15500-15650 levels at least for the short term. We expect NIFTY to test its hurdle at 16050-16200 in coming sessions and thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 7 JUL 15400 PE@28-30, STOP LOSS 45, TARGET 5.
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