Nifty futures is very unpredictable from the current levels as there is strong resistance of 5685 level and strong support of 5560 level, keeping this in mind we have chosen nifty options breakout strategy for this buy nifty 5700 call and 5600 put options i.e buy nifty 5700 call near 66 and 5600 put near 64 level, our entry premium is now 130 (66+64) and total target for this strategy will be 180 and 220 together and exit this strategy when the premium drops to 90 level. This is a breakout strategy and the trades should be entered on both contracts i.e nifty 5700 call and nifty 5600 put. Exit should also be done on both. Let us see which direction the nifty breakouts.
Today at 10:50 AM nifty futures is trading positive by 31 points and this strength must continue till the resistance of 5684 is meet. Nifty futures traders can trade long for the target of 5681 level.
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