Buy Biocon 940 Call, sell 1000 Call: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "Stock specific, I am doing a bull spread. I am recommending a bull spread in Biocon. It is a contra call. I think we have seen pretty enormous shorts in this counter but closer to levels of Rs 900 I think there is very decent long-term support. It is a very long series so I think one could take a contra bet. Buy 940 strike Call and also sell a 1,000 strike Call. So, the net cost comes to about Rs 20, keeping a target of Rs 40 and stop loss of Rs 10."

"The next one is a covered call strategy on Vedanta. The metals did not have exactly a good May series but I think we should see some good positive momentum coming about in the June series. Vedanta should be leading it and one could possibly buy the June futures and maybe sell 250 strike Call that is quoting at around Rs 6-7, keeping a modest target of Rs 252 and maybe one could keep a stop loss of Rs 230," he added.