Dipesh Mehta's view on Axis Bank

Dipesh Mehta, Derivatives Analyst, Nirmal Bang Securities view on Axis Bank.

Mehta told CNBC-TV18, “Axis Bank will see a consolidation happening around current levels because the results did not disappoint that much, only the provisioning was little bit disappointed. The consolidation, the damage what had to be done is already done and we will see a consolidation happening near current levels. If someone needs to take a bet selling options are very good strategy at current levels of Axis Bank." He further added, "Selling of 1040 call of the upper strike and selling a 1000 puts which has combined premium of Rs 20 at present. I think till expiry the whole Rs 20 premium will be eaten up by the initiative of the strategy and someone needs to hold, square off their strategy it goes above Rs 25-26.”