Derivative strategy on Petronet by MOSL

Derivative strategy on Petronet by Chandan Taparia, Derivative and Technical Analyst & PFA at MOSL:
 
Option Strategy: Petronet (Call Ladder Spread )
 
Buy 390 CE 1 lot
Sell 400 CE 1 lot
Sell 410 CE 1 lot
 
Rationale:
 
1.      It has formed a positive price pattern that is intact and a follow up buying could extend fresh rally
 
2.      Positive sector outlook along with unwinding in 390 CE could lead to option trigger for move towards 400
 
3.      Put accumulation at 380 could act as strong support.
 
4.      Considering faster theta decay ,