Date of analysis – 22/06/2018
As we can see, yesterday it was a game changer.
Nifty Opened at 10,741.90 then made low of 10,710.75 before closing it made high of 10,836.45 and closed at 10,821.85
Nifty again tested support level of 10,700 and bounced back from that level.
Below data proves that nifty is having strong support level at 10,700 Levels.
Take look at daily lows of last 5 Days
Date - Low of the Day
18/06/2018 - 10,787.35
19/06/2018 - 10,701.20
20/06/2018 - 10,724.05
21/06/2018 - 10,725.90
22/06/2018 - 10,710.75
So from above data we can conclude that there is aggressive buying at 10,700 level. So in this expiry nifty will close above 10,700
Recommendation:
Sell 10,700 PUT at 20. With Target of 0.10
Expected profit from this transaction - Rs. 1,500/- in just 4 days.
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