Buy 10600 puts for july end with stoploss of 10600.. as there is strong resistance around 10560-10600 levels and once can see profit booking kicking in. Plus, market has rally pre-maturely which could led to significant correction as result kicks inn.
Have seen significant rebound ,,,, one could easily get long covering around 9500 level which could see fall towards 9390 levels broken towards 9000 second target and final target 8600 over 2 weeks time period.
Based on fibonocci levels ... can fall towards 383 levels .. suggest buying put 390 for rs 8 with target of rs16. Stop loss of Rs 405.
Also, market is looking negative which will further support downward movement.
Nifty is expected to bounce back to above 12000 levels as budget movement get digested .... and short covering kicks in. Also, visible green shots in economy gets factored in. Plus, positive impact of DDT removal and new income tax regime.
See Nifty moving back to 12360 levels by end of feb.
Level to watch out stoploss at 11720... on upside first target...