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Derivative

NIFTY gained 0.5% and closed at 17577.50 on 23rd Aug. The index, after a pullback, resumed its upward journey and traded with positive bias throughout the day. NIFTY FUTS saw good addition of longs with 17400, 17500 PE adding significant OI making 17450-17500 to look out for as support. We expect NIFTY to trade with positive bias in the range of 17450-17750 in the short term and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 25 AUG 17400 PE@48-50, STOP LOSS 75, TARGET 5

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