We are witnessing a bullish momentum in nifty, OI data has turn bullish. Technically price has given breakout in downward channel. 17200 holds important support and upside 17600 holds crucial resistance. If nifty holds above 17600, we can expect the completion of this correction. But considering current scenario, I expect nifty to trade below this level for one or two weeks. The Virus is proliferating at faster rate but it doesn’t seems lethal. In coming week, we will get further clarity on it.
Suggestions :
1.Bear call spread at 17600 strike 2.Strangle; 17150 PE : 17550 CE