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.