Sell Nifty 4 Aug 17000 PE For Target Rs.5 - Religare Broking
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Derivative Ideas
NIFTY gained 1.06% and closed at 17340.05 on 1st Aug. The index after opening flat traded with positive bias throughout the day. The move happened on the back of fresh longs added in its FUTS. 17050-17150 should act as the support for NIFTY for this weekly expiry. We expect NIFTY to trade with positive bias in the range of 17150-17500 in the short term and thus suggest selling PE as per the given levels
Strategy:- SELL NIFTY 4 AUG 17000 PE @28-30, STOP LOSS 45, TARGET 5.
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