Krish Subramanium advises covered call strategy in BPCL

Krish Subramanium of Asit C Mehta Investment Intermediattes told CNBC-TV18, "Bharat Petroleum Corporation Limited (PCL) saw some pretty smart short covering last week and we have also seen a breakout in the charts. We feel that it could be heading upwards. So we are giving a covered Call strategy when one could buy January futures at around Rs 682 and also correspondingly sell 680 strike Call that is quoting at around Rs 21. We are keeping a target of Rs 700 -705 and maybe one could keep a stop loss of Rs 660.'

At 13:17 hrs Bharat Petroleum Corporation was quoting at Rs 676.60, down Rs 0.75, or 0.11 percent on the BSE.

Disclosure: Analyst has recommended the above strategies to his clients at large; personally he doesn't have holdings in it.