NIFTY gained 0.06% and closed at 17534.75 on 10th Aug. The index consolidated with positive bias throughout the day and ended the day giving 2nd consecutive close above 17500. NIFTY Futs saw marginal addition of longs with 17500, 17400 PE adding significant OI. We expect NIFTY to trade with positive bias in the range of 17350-17700 in the short term and thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 18 AUG 17000 PE @48-50, STOP LOSS 70, TARGET 10.
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