Sell Nifty 28 JUL 16000 PE For Target Rs.10 - Religare Broking
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Derivative Ideas
NIFTY gained 1.1% and closed at 16520.85 on 20th July. The index after opening with a gap managed to hold gains and traded in a range. The move happened on the back of Short Covering in its FUTS and heavy PE writing. 16500 PE added 137000 odd contracts making 16400-16500 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 16250-16700 in the short term. We thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 28 JUL 16000 PE@38-40, STOP LOSS 60, TARGET 10.
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