Trapped Option Writers may extrapolate weakness if any in the coming days. Hence, an index hedge is advised with bear Put spread on Nifty profiting from the extension of the ongoing meltdown.
In June if the market goes beyond 6,200 then volatility may rise but the Nifty may move towards 6400, says Amit Gupta of ICICI Direct.
Hemant Thukral of Aditya Birla Money sees no reason to change his bullish stance on the Nifty despite Friday's sell-off.
Ashish Chaturmuhta, VP of Derivates and Technicals at IIFL Private Wealth Management, believes that the Nifty can drag down towards 4,700-4,800 levels, once it breaks below 5,000 levels, which has a lot of put writing.