 "Axis Bank branch closed during a raid by Income Tax officials in the Chandni Chowk in New Delhi")
Derivative strategy on Axis Bank by Chandan Taparia of Motilal Oswal Securities:
Option Strategy:
STRATEGY: AXIS BANK : BULL CALL SPREAD
Buy AXIS BANK 530 CE 25 May 2017 @ 6.75
Sell AXIS BANK 550 CE 25 May 2017 @ 2.85
Target/Reward: 16,800
SL/Risk: 7,200
Rationale:
1. Axis Bank has recently taken support near to Rs 505, and has given the highest daily close in last 11 weeks
2. Fresh Put writing at Rs 510-530 strikes suggests shifting of its support while unwinding in Rs 540 Call could lead the momentum
3. Indicating positive to range bound move this Bull Call Spread is recommended
Chandan Taparia is a Deivatives
