The strategy to buy Nifty Put Options and sell Futures has been successful. The suggestion to buy Nifty 9000pe @130 and 8900 put options @90 last friday is a hit, it is advised to book profit and exit from the position. Check my previous levels here. As Nifty is expected to give a pull back rally till 8950 today.
Nifty Futures positional weekly target would be around 9350 and downside support is around 8480. But to cross Nifty 9200 resistance level it might take some time and can confuse bulls whether to go with long or to avoid volatility. Now Nifty is too volatile on both sides which is very risky for weak hearted people to take trade.
Stimulus package was not up to expectations which is reflected in todays trading session bringing Nifty below 8900 levels down by 250 points. Selling at morning session was seen by positional investors which drags Nifty below support 9000. Until and unless Nifty crosses resistance 9200 there will be hold of bear grips.