NIFTY Trade for rangebound market

NSE:NIFTY   Nifty 50 Index
Reasons to take a short trade

1. Rangebound price action. Failed at the upper boundary 15875.
2. Strong OI buildup near 15800 CE
3. Lower high, Lower low and lower closing.
4. Closing near low of the day.

Entry : 15686 (15850/15950 CE Spread)

Stop Loss :
15860-15875 Daily Close above
Hourly close above 15900, new high

Exit :
Target Achieved 15500
70% of premium
Trail based on R