BPCL: Chart view & strategy

BPCL
CMP 350.5

- the stock has taken resistance exactly at 76.4% retracement at 355 odd levels

- given the set up one may consider to 370 Call option currently at 12

Lot size 1800

Max profit potential Rs 21600/- per lot (yield potential of 8% til 25 June)

In built loss protection for a rise up to 382 in spot price

Take care & safe trading.

Comment:

BPCL Strategy update.

370 Call option closing price 13.45 (sold at 12)

okay so what have we got here. BPCL has closed above it's 76.4% retracement. This rise is on back of better than average volumes today along with slight increase in Open Interest. Tomorrow is also weekly closing. If weekly closing is also above 355 then it could imply further bullishness.

If that be the case, consider selling BPCL 330 Put option (closing price is 8.7) in tomorrow's trade and look to exit from Call short position.

Will update further in market hours.

Take care & safe trading...!!!

Comment:

as suggested yesterday, we exited from 370 Call option at 11.75 and have shorted 330 Put option at 9.3


For risk management, If stock goes below 342, we would be closing out this trade.

Trade closed: target reached:

BPCL
CMP 388.85

This is how Technical analysis along with Derivatives data analysis helped us. They warned us and told us that you are sitting in the wrong train. Get out before it's too late.

Good for us, that we listened to Market and adjusted our strategy.

Strategy update
BPCL 330 Put option update

Sold at 9.3
CMP 3.7

Current profit Rs 10080

You don't need any tips, any insider info provider. Just listen to market directly. They do communicate and try to say a lot of things to us. This BPCL trade is a classic example here.

Learn & listen to increase your chances of winning trades.

Happy trading :-)