USDINR has broken down and then took support with bullish divergence it has a good resistance of long term EMAs (200 EMA and 50 EMA) also now Looking at Bollinger bands also it seems they are squeezing... confirming the view of price going sideways range - between 76 and 75
Recommendation : I am going for monthly expiry short iron butterfly. As monthly future is trading at 75.93 (round to 76) My straddle will be of 76 (CE & PE) Sell and will hedge both up and down with 76.25 CE Buy and 75.75 PE Buy Risk / Reward for 100 lots : 2000 / 23000 Very good RR ratio Margin required : 2,07,000 approx...