Buy IDFC 110 call, sell 115 call: Bhavin Desai

Bhavin Desai of Motilal Oswal Securities told CNBC-TV18, "IDFC has been short heavy. Some amount of bargain hunting was seen in the last couple of trades. If there is short unwinding spree that could be seen in next few sessions then we can see higher levels.

" So, once again trading it with some over a moderately bullish bias using bull spread, 110 call buy and simultaneous sell position in 115 call. The stoploss in target remains in absolute money terms, about Rs 1500 worth stoploss and Rs 3500 worth of profit target in that particular trade," Desai said.

At 13:38 hrs IDFC was quoting at Rs 105.50, up Rs 1.20, or 1.15 percent. It has touched an intraday high of Rs 107.20 and an intraday low of Rs 105.40.

The share touched its 52-week high Rs 185.35 and 52-week low Rs 76.25 on 07 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 43.08 percent below its 52-week high and 38.36 percent above its 52-week low. Market capitalisation stands at Rs 15,995.13 crore.