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Buy Nifty 5500 put Option Near 52 for March Series

By Bhaveek Patel Leave a Comment

Broader markets saw huge consolidation for last 2 weeks, but Nifty seems to be capped by the strong resistance near 5555 (50 DMA on 4 Hr chart) . As nifty is still trading below 5555 level we expect the selling pressure to pull back the broader markets down on every up move, targeting the 5350 zone. So seeing this as a good selling opportunity we recommend to go long on nifty 5500 put near 52 level for target of 86 and 109. A strong downward momentum is expected once nifty future does not manage to closes above 5555 level today.

So our recommendation: Buy Nifty 5500 put near 52 for targets 86 and 109. Keep stop loss near 37 level or exit this put option if Nifty futures seems to trade/close above 5569 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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