SELL NIFTY 21 JUL 15600 PE For Target Rs. 5 - Religare Broking
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Derivative Ideas
NIFTY gained 0.69% and closed at 16049.2 on 15th July. The index after trading sluggish in the first half and finding support at 15920 showed a good up move in the second half on the back of addition of Longs in its FUTS. 16000 PE added 56000 odd contracts making 15900-16000 the level to watch out for support for this weekly expiry. We expect NIFTY to hold the support and trading in a range of 15900-16250 in the short term. We thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 21 JUL 15600 PE@28-30, STOP LOSS 45, TARGET 5.
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