Sell Nifty 21 JUL 16000 PE For Target Rs.5 - Religare Broking
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Derivative Ideas
NIFTY gained 1.43% and closed at 16278.5 on 18th July. The index after opening with a gap managed to hold gains and closed near day's high. The move happened on the back of Short Covering in its FUTS and heavy PE writing. 16200 PE added 113000 odd contracts making 16150-16200 the level to watch out for support for this weekly expiry. We expect NIFTY to hold the support and trade positive in the range of 16150-16500 in the short term. We thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 21 JUL 16000 PE@34-36, STOP LOSS 50, TARGET 5.
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