Smartinvestor : Markets have firmed up in early trades. The Nifty has also topped 6,000 level. What is your call on the Nifty and the strategy traders can deploy for Nifty futures ahead of expiry?
Navneet Daga : Well on nifty its looking a smart pullback from lows, after an big cut. We belive nifty will trade in narrow range from here on till expiry this thursday. We recommend to sell current month straddle of 6000 strike on nifty @ 100 points inflow. expecting nifty to expire near about 6000 levels for the may series.
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Smartinvestor : Reliance Ind has remained range bound between Rs 790-830 for the past few weeks. The stock which had corrected in the past two sessions has once again topped Rs 800 levels in early trades. The stock is active today at strike prices of Rs 800-840 both on the put and call side. What is your call on the stock for May options expiry?
Navneet Daga : Well again its an stock which is in the broader band of 775 to 835 to be more precise. Any break above these levels would make an big trade in that. Still after an positive newsflow on KG basin front early gains need to sustain on that. Break above 830 would make a case for 880 levels on reliance.
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