NSE:NIFTY   Nifty 50 Index
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3
nifty has given a breakout on 30 min and hourly charts !!
nifty in daily charts is at resistance zone with RSI also near its resistance ...it has been trading below it since nov 16.

option charts - though has given a good breakout but 8400 CE is approaching resistance level at 100 odd levels which was it high on 13 jan around 0930 h..

my take : only for educational purpose
expiry should be below 8500 levels ( max pain also at these levels )
Comment: Can look into buying 8400 PE..
Comment: Buying more of feb 8400PE
Trade active: Taking a contra view !
Buying more of 8400PE with strict SL of 8570 spot on closing basis !
Trade closed: stop reached

Comments

Applied logic, and went long instead.
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@dravya,
Good bet sir !
Regards
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Viraji, do agree wiyh ur view as this rally was puerly on short covering TRAP, lets see if Nifty corrects before Budget at least upto 8290 to catch the train again.
Reply
@theeye,
Sir m hoping the same but my SL is 8570 spot on closing basis !
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