Oil is going up, broke the channel today and NIFTY might respond.
NIFTY too broke channel briefly on Friday.
Markets discount all events in advance.
How far it could go further down?
In chart, you will notice strong support in the region of 7440-7400 and at higher side 7700-7800 is good resistance.
How to trade this view?
Sell 8000 CALL of July expiration around 35-40.
But don't forget to book profit quickly as there could be still possibility of pre-budget rally and which could take NIFTY beyond 8000 by July 10.
One can safely hold this CALL till NIFTY goes above 7800, which is still 300 points away.
Disclaimer: This blog does not take any responsibility of your profit/loss
Markets discount all events in advance.
How far it could go further down?
In chart, you will notice strong support in the region of 7440-7400 and at higher side 7700-7800 is good resistance.
Sell 8000 CALL of July expiration around 35-40.
But don't forget to book profit quickly as there could be still possibility of pre-budget rally and which could take NIFTY beyond 8000 by July 10.
One can safely hold this CALL till NIFTY goes above 7800, which is still 300 points away.
Disclaimer: This blog does not take any responsibility of your profit/loss
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