Nifty future has managed to close above its strong resistance (now support), so this move will bring bulls back in market and we see nifty moving higher for next week. So taking the advantage of this up move we will look for accumulating Nifty 4700 call options as it will be in the money and F&O expiry is also near. So we have spotted buying opportunities on Nifty 4700 call option chart, our buy entry level will be around 80 level for positional targets as 160 and then 190 levels. Traders may book profits according to their risk level, placing stop loss for this position at 40 zone or one can exit this strategy if nifty future trades below 4690 level. Nifty future is trading above 4700 level for 2 days continuously hence nifty 4700 call option is buying opportunity for short term trade.
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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