So Guys as stated on 16th July 2011. NIFTY Hit the target of 5328.70 today on 4th August 2011.and still it is looking weak ........ (Approx 252 Points downside)
If in today's session it does not maintain 5328.70 level and does not give closing above it. Then next target for NIFTY is 5195.90.
Looks like the time has come to write the NIFTY 6200 PE OCT.......... Keep an appetite for about 3 Lots.......... figure to look for between 1260-1530 currently ask is 1191.10.................There is a Hedge Leg that may kick in for which another 60k maybe required.
All that is considered (Check the Bracketing of the range) and Writing a PE means shorting....& moreover it is not for everybody....it is specifically for Suro