Nifty overstretching its rally.

Its not clear where the reversal is possible in Nifty or at what price level, but at present the charts don't offer any heavy continuous buying indication, a Doji on the top or new high shows some guidance that if NIFTY closes below 5240 in coming days then we might witness 5150-5100 on any day as well, all this is possible in Jan month only.

I see some resistance at 5330 levels.

I suggest a Put Option to be bought for Nifty of strike price 5100 around Rs40 and i expect it touch Rs80-90 if we see 5150-5100 in coming days.Yes this is a naked put.Max loss Rs40 per lot,Max profit is unlimited, but for 5100, i see 50-60 per lot, the Risk to Reward ratio is not in favor of doing this exercise, but i maintain correction is not far.