Here is a Bull Spread Strategy on Glenmark Pharma by HDFC Securities

The stock price has already given bullish breakout from the downward slopping trendline adjoining the highs of 08-Dec-2020 and 12-Jan-2021

Bull spread Strategy on GLENMARK

Buy GLENMARK APRIL 510 CALL at Rs 19 & simultaneously sell 540 CALL at Rs 9

Lot Size 1150

Cost of the strategy Rs 10 (Rs 11,500 per strategy)

Maximum profit Rs 23000 If GLENMARK closes at or above 540 on 29 April expiry.

Breakeven Point Rs 520

Rationale:

• Long build up is seen in the Glenmark Futures’ during the April series till now where we have seen more than 40% rise in the Open Interest with price rising by 14% during the series.
   
• The stock price has already given bullish breakout from the downward slopping