Buy 1340 CE 1 lot
Sell 1400 CE 1 lot
Sell 1420 CE 1 lot
Reliance has respected its multiple support of 1300 and formed a double bottom.
Fresh writing at 1340 PE could provide support while unwinding in 1340, 1360, 1380 could attract a bounce.
Maximum Call OI is at 1400 strike which could restrict its upside momentum.
Thus low risk Call Ladder Spread is recommended.
TARGET: Rs 10,000
STOP LOSS: Rs 4,000
Hedge: Buy Future Above 1,460
: Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.