Sell Nifty 6 October 16600 PE @ 38-40, Stop Loss 60, Target 5 - Religare Broking
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Derivative Ideas
NIFTY gained 1.64% and closed at 17094.35 on 30th Sep. The index gave a sharp pullback after the RBI meet. The move happened on the back of both fresh long formation and short covering. Significant put writing seen at 16700 levels. We expect the Nifty to consolidate with a positive bias in the range of 16800-17200 in the short term thus suggesting selling PE as per the given levels.
Strategy:- SELL NIFTY 6 OCT 16600 PE @ 38-40, STOP LOSS 60, TARGET 5
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