Sell Nifty 21 JUL 16100 PE For Target Rs.5 - Religare Broking
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Derivative Ideas
NIFTY gained 0.38% and closed at 16340.55 on 19th July. The index after opening negative amid weak global cues managed to trade positive and closed near day's high. The move happened on the back of the addition of Fresh Longs in its FUTS and heavy PE writing. 16300 PE added 65k odd contracts making 16200-16300 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 16200-16500 in the short term. We thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 21 JUL 16100 PE@38-40, STOP LOSS 60, TARGE 5.
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