Buy Ashok Leyland June fut, sell 102.5 Call: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "One could do a covered call strategy by buying Ashok Leyland July futures that is quoting at around Rs 99 but also hedge by selling 102.5 strike Call which is quoting at Rs 270. We are keeping a target of Rs 104 and a stop loss of Rs 95." "Karnataka Bank has been in action, has been bought into all dips in June series and it looks heading upwards again. With a covered call strategy, one could buy July Futures that is quoting around Rs 134, sell 137.5 strike Call that is quoting around 3.6. Keep a target of Rs 136 and a stop loss of Rs 130," he said. "June has been a remarkable month for Jaiprakash Associates and we have seen it buzzing in action. So, my sense is that going into expiry, we will see some more short covering coming about, so traders could buy 750 strike Call that is quoting it around 20 paise. One could keep a target of 70 paise.""Orient Paper and Industries has seen some excellent breakout and has seen some steady accumulation at lower levels. Today it is trading at around Rs 51. So it is heading upwards and one could buy the stock for a possible target of Rs 56 and could keep a stop loss of Rs 49," he added.