NIFTY 25200 CE CMP 73 TARGET 116, SL 64

NIFTY 25200 CE CMP 73 TARGET 116, SL 64
Nifty opened with a bullish marubozu and retraced upto 80% but didn’t break opening low of 25088. The highest change in OI was 25200 Put Option and hence it was obvious to go for an ATM Call Option that is 25200 once it will cross and sustain its opening high price of Rs.78 for a potential target price of Rs.116 considering a stop below Rs.64.
The chartists are bullish on Nifty if Nifty opens above 25,100 and holds above 25,100, then there are good chances that the index could move northward. The larger degree bullish pattern like higher tops and bottoms is intact on the daily chart and present weakness could be in line with the new higher bottom formation.
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