Buy 165 CE 1 lot
Sell 170 CE 1 lot
1. It has given a reversal on the weekly chart by forming a Hammer candle
2. Holding near to its 50 DEMA and turning from lower band of the rising channel
3. Fresh Put writing at 160 strike could provide the support
4. Call unwinding in 165 and 170 strike propel for a bounce back move
5. Thus low risk strategy Bull Call Spread is recommended
: Chandan Taparia is a Derivatives and Technical Analyst at Motilal Oswal Securities.
The analyst may have positions in any or all the stocks mentioned above.