Sell Nifty 4 Aug 16500 PE For Target Rs. 10 - Religare Broking
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Derivative Ideas
NIFTY gained 1.73% and closed at 16929.6 on 28th July. The index after opening with a gap traded with positive bias throughout the day. The move happened on the back of short covering and fresh longs added in its FUTS. 16600-16800 should be the base for NIFTY for 4th Aug weekly expiry. We expect NIFTY to trade positive and test 17200-17400 in the short term and thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 4 AUG 16500 PE @48-50, STOP LOSS 70, TARGET 10.
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