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What should investors do?
Within Nifty there will be sectorial level rotations and we expect underperformance from the banking index as Bank Nifty has significant resistance at 36,000; meaningful upsides would happen only if the Bank Nifty is able to take out this level. Traders can initiate short strangle option strategy in Nifty by selling 15,700 put and 16,150 call for July 22 weekly expiry. Among stocks, MCX can be bought for a 25% upside/10% stop loss for the next 3-4 months as the price has exceeded the falling channel pattern with a bullish candle on a volume surge indicating strong breakout.
Rahul Sharma, Head, Techniical & Derivatives Research, JM Financial
Reliance Industries (RIL) shares rose 11% last week on rising polymer spreads, marking end of corrective phase. The stock could be heading towards a record high of Rs 2,490, say analysts