NIFTY after a very strong run post breaking 8300 is now in overbought territory. It also has hit significant resistance at 8800. This is a good set up to go short. I would play it by buying 8700 puts. Target 8550.
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As I had observed earlier, there is a very strong resistance around 8800, and this further lends credence to the strategy I had outlined earlier.
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A nice move down today. Expecting further weakness.
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the rally today looks more like a 'fake out' than a break out. I fully expect this to go down from here. Still bearish and sticking to my original price target and strategy.