NIFTY

CNX Nifty:
Here we can witness clear-cut formation of first 5 waves of the elliott principle. Also wave A formation can be observed. Expecting a good supportive force at 5800, the price may go for formation of wave B from 5800. Further, the index will be aiming for lower support i.e. 5600 within a month as for my knowledge.

And by observing the variations of the Put options with the Nifty future price as shown in the chart, 5600Put is expected to grow up to minimum 70. Therefore, it is a very good opportunity now to go for buying 200 lots of Mar Put option derivative of Nifty at 20 and wait for squaring the positions at around 40. (i.e: 20x200(50)= Rs.2,00,000).