Sell Nifty 21 JUL 16400 CE For Target Rs. 5 - Religare Broking
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Derivative Ideas
NIFTY shed 0.18% and closed at 15938.65 on 14th July. The index traded weak throughout the day on the back of heavy CE writing at 16000 and beyond levels with addition of fresh shorts in its futs. NIFTY 21 APR 16000 CE added 55000 odd contracts making 16100-16150 the level to watch out for resistance for next weekly expiry. We expect NIFTY to face hurdles around this resistance zone and thus suggest selling CE as per the given levels.
Strategy:- SELL NIFTY 21 JUL 16400 CE@28-30, STOP LOSS 45, TARGET 5.
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