Here is derivative strategy on Nifty by Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities:
Option Strategy: NIFTY (Modified Put Butterfly Spread)
Buy 8350 PE 1 lot
Sell 8200 PE 2 lots
Buy 8100 PE 1 lot
1. Nifty is in Long- Long unwinding cycle
2. It is trading near the vicinity of its highest call congestion at 8400 without much shift in option band of 8,000-8,400
3. Nifty PCR OI too is quoting at 1.22 near the upper band of 1.20. Considering profit booking could be expected at current level. Thus low risk Modified Put Butterfly Spread is recommended.
Maximum Profit: Rs 9,800 at 8,200
Maximum Loss: Rs 1,400
Limited profit: Rs 2,000 below 8,100
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