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Buy Nifty 5500 put Option Near 49 for February Series

By Bhaveek Patel Leave a Comment

Broader markets saw huge consolidation for last 4 trading sessions, but Nifty seems to be capped by the strong resistance at 5512 (50 DMA on 4 Hr. chart) . As nifty is still trading below 5512 level we expect the selling pressure to pull markets down on every up move, targeting the 5400 zone. So seeing this as a good opportunity we recommend to go long on nifty 5500 put near 49 level for target of 82 and 99. A strong downward momentum is expected once nifty future closes below 5500 level.

So Buy Nifty 5500 put near 49 for targets 82 and 99. Keep stop loss: near 35 level or exit this put option if Nifty futures seems to trade above 5524 level.

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Category: Nifty Option Tags: nifty/ Nifty Analysis/ Nifty Options

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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