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.