One may want to sell nifty on rise for 3rd may with SL of 11791 and targets of 11700/11678. All levels are cash levels. One might want to sell 11700/11800 CE for 9th MAY expiry depending upon risk profile and eat the option premium OR one might want to buy 11750 PE/11700 PE and trade accordingly. One should adhere to the stop loss and trade volumes as per entry price.
Nifty seems to have reached the level and could give a good short trade. There are multiple resistence in different Time Frames at 10840 level so it could be a good idea to sell Nifty at this level by providing the SL of 10920. One can look for a target of 10600 which offers a potential of good 240 points and a reasonable risk to reward ratio.
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