Broader markets saw strong downtrend for last 5 trading sessions, but Nifty taking support at 5744 (low of November 2010). As nifty is trading above 5744 level we expect the relief rally in nifty targeting the 5950 level zone. So seeing this as an opportunity we recommend to go long on nifty 5800 call near 98 level for target of 157 and 183. A strong upward momentum is expected once nifty future closes above 5804 level.
Our Recommendation: Buy Nifty 5800 call near 98 for targets 157 and 183. Keep stop loss near 79 level or exit this call option if Nifty futures closes below 5739 level.