Here's a Bull Spread strategy on Axis Bank by HDFC Securities

Short-term trend of the stock is positive

Buy Axis Bank 480 CALL at Rs 20.20 & simultaneously sell 510 Call at Rs 9.2

Lot Size: 1,200
 

Cost of the strategy: Rs 11 (Rs 13,200 per strategy)

Maximum profit: Rs 22,800 If Axis Bank closes at or above 510 on September expiry

Breakeven Point: Rs 491

         

Rationale:

-- Long build-up is seen in the Axis Bank Futures’ where we have seen 13 per cent (Prov) rise in the Open Interest with Price moving up by 2 per cent.

-- Stock price has broken out on the daily chart where it closed at one-month high -- highest since