Reliance - looking weak - has a gap to fill at 1509-1529.
Besides weakness on charts, there is a news about telecom tariff hike.
The news looks positive for telecom companies on the onset, but more than often, stocks rise in anticipation and fall when the news is out.
Trade with CAUTION, following the stoploss.
Low risk traders may trade using options i.e. shorting OTM calls or creating diagonal spreads strategy.
1600 strike is good to shorting CALLs, as there is a huge open interest built up.
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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
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Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
The news looks positive for telecom companies on the onset, but more than often, stocks rise in anticipation and fall when the news is out.
Trade with CAUTION, following the stoploss.
Low risk traders may trade using options i.e. shorting OTM calls or creating diagonal spreads strategy.
1600 strike is good to shorting CALLs, as there is a huge open interest built up.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.