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Sell NIFTY 7 JUL 16000 CE For Target Rs.5 - Religare Broking
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Derivative Ideas
NIFTY shed 0.18% and closed at 15752.05 on 1st July. The index after opening flat witnessed pressure in the first half, however it managed to close flat giving a rebound after taking support at 15500 levels. The data suggests base formation around 15500-15600 levels at least for the short term. We expect NIFTY to test its hurdle at 15950 in coming sessions and thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 7 JUL 16000 CE@ 38-40, STOP LOSS 60, TARGET 5.
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