One may consider to buy at CMP and /or on dips towards 320.
Momentum might be seen above 335-338 zone.
Target for the current setup 360/372
Keep a Stop loss if closing is below 315.5
Alternatively one may consider the following FNO strategy
Sell BPCL 320 PE
Lot size 1800
Max profit potential Rs 20700 if stock stays above 320 on 27 Dec 2018
Loss if stock is closing below 308.5 on December expiry day.
Take care and safe trading...!!!
All targets achieved. Hope the analysis was helpful