Sell Nifty 25 Aug 17700 CE For Target Rs. 10 - Religare Broking
Derivative Ideas
NIFTY shed 1.51% and closed at 17490.70 on 22nd Aug. The index witnessed a sharp fall continuing its profit taking after finding resistance at 17950-18000. The down move consists of Fresh Short buildup in its FUTS. We believe the 17700-17750 zone would be a critical hurdle for the index. We expect NIFTY to trade with negative bias in the range of 17300-17700 in the short term and thus suggest selling CE as per the given levels.
Strategy:- SELL NIFTY 25 AUG 17700 CE@53-55, STOP LOSS 75, TARGET 10
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