Today IIP data (Industrial production data) has come out it was much lower than expected so nifty future began to slide in morning session. Due to this news nifty future headed towards 4900 and as I see nifty options open interest, I found in nifty puts maximum open interest was at nifty 4900 put options. This should be near term support as of now, just wait and watch lets see if this level is not broken then we may see bounce back in nifty future towards 4955 level in intraday trade.
Intraday nifty option trading idea:
So trading idea would be look for buying opportunity in nifty future around 4905 for intraday target as 4955, stop loss will be at 4885 level. High risk traders can even take long positions on nifty 5000 call options around 63 for target as 78 in today’s session. Moreover it is not recommended to carry position to next trading session. Now learn technical analysis as per your time and place, call +91-9970777789 for further information.