Buy BPCL 780 Call, sell 840 Call: Krish Subramanium

Krish Subramanium of Altamount Capital told CNBC-TV18, "Bharat Petroleum Corporation (BPCL) has probably been the strongest of the Nifty pack and also it is broken in to all-time high today. We have also seen some very heavy Put writing in the 780 strikes. We are recommending a bull spread, one could possibly buy 780 strike Call that is quoting at around Rs 37-38 and correspondingly sell 840 strike Call that is quoting at around Rs 13. So the net cost comes to about Rs 24. We could keep a target of Rs 55 and may be a stop loss of Rs 12."

At 14:00 hrs Bharat Petroleum Corporation was quoting at Rs 804, up Rs 34.60, or 4.50 percent. It has touched a 52-week high of Rs 805.90.

Disclosure: Analyst has recommended the strategies to his clients at large but personally has no holdings.