Sell Nifty 17200 PE Target Rs. 5 - Religare Broking
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Derivative Ideas
NIFTY gained 0.73% and closed at 17525.1 on 8th Aug. The index traded with positive bias throughout the day and ended the day giving close above 17500. NIFTY Fut saw good 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 17200 PE @33-35, STOP LOSS 50, TARGET 5.
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