 "RSI and MFI Oscillator is showing negative divergence on the hourly chart")
Bear Spread strategy on Nifty
Buy Nifty 22 Oct Expiry 11700 Put at Rs 145 & simultaneously sell 22 Oct Expiry 11400 Put at Rs 54
Lot Size 75.
Cost of the strategy Rs 90 (Rs 6750 per strategy)
Maximum profit Rs 15750 If Nifty closes at or below 11400 till 22 October expiry.
Break-even Point: 11,610
Rationale:
Short build up is seen in the Nifty Futures’ where we have seen 7%(Prov) rise in the Open Interest with Nifty falling by 2.4%.
Nifty has broken down on the daily chart where it closed below its 11-day EMA first time in the month of
