We are already aware of new uptrend that started after nifty future closed above 5400 mark; this is support level for current uptrend. Nifty future was facing some resistance around 5630 level, so traders may either short nifty future or buy nifty 5500 put option, put option would be first choice here as expiry is far away. Traders can buy nifty 5500 put option around 65 level for positional targets of 130 and then 145. Stop loss can be placed below 45 or traders may exit this trading idea if nifty future closes above 5650 mark. We were seeing bank nifty has resistance at 11250 level (68.2% Fibonacci Retracement level) so banking stock may correct resulting in overall market crack.
About Bhaveek PatelBhaveek 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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