Sell NIFTY 14 JUL 16500 CE For Target Rs.10 - Religare Broking
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Derivative Ideas
NIFTY gained 0.54% and closed at 16220.6 on 8th July. The index after opening with a gap consolidated in a range for the whole day. However as no significant longs are seen in its FUTS with heavy CE writing seen at 16200 and beyond levels, we believe NIFTY might find resistance around the 16250-16300 zone. We expect NIFTY to trade in the range of 16000-16400 in the short term and thus suggest selling CE as per the given levels.
Strategy:- SELL NIFTY 14 JUL 16500 CE@40-42, STOP LOSS 60, TARGET 10.
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