Nifty future is in a bull market, as today is F&O expiry of June series. We are of the view that traders being long on Nifty future in the June series should rollover their position to July series. For long positions in Nifty I am expecting short term target of 5230 and then 5290 level. For Medium term (July series) I am seeing 5360 and then 5400 on daily chart of Nifty future.
However I see 5200-5230 as near term resistance, but I still expect a breakout as buying is present at lower levels. Hence its better to hold long on nifty future for July series.
Nifty options trading strategy would be to write (short sell) Nifty 5000 put option at 45 level and hold it till expiry or till nifty future trades above 5000 level. Article published on 28 June 2012.