Amit Gupta of ICICIdirect told CNBC-TV18, "Crompton Greaves has remained sideways and has not participated previously that much with the Nifty moves. So, one can say that kind of buying momentum has not come into the stocks so far but yes at lower levels the delivery buying support has always been here. That is why the stock did not fall." "If you observe this particular series, 200 Call options have been bought because the implied volatility (IVs) have been continuously been rising. So, I think around Rs 4-5, this buying has started and yesterday we saw that it moved towards Rs 10 also. It got doubled but still the positions are very much intact. This is the highest Call option base and it has been tinkering around that level now," he said. "I think there is possibility for the stock to continue its move towards Rs 225-230 levels also. There is a news, buzz of demerge of the consumer business, so that may push the stock higher. So, overall I think buying a Call option may be a good strategy for Crompton Greaves right now."
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