Look at BPCL 490 Call: Amit Gupta

Amit Gupta of ICICI Direct told CNBC-TV18, "Only couple of sessions are left for expiry, so it is a good time when we can look at writing certain options. So, in stock specific, long liquidation is coming in certain stocks. So one of them is BPCL and another one is Voltas."

"BPCL - in fact all the oil marketing pack is undergoing that particular closer of long positions kind of pattern and they have lot of selling pressure coming in. So, if at-the-money (ATM) strike of 490 only which is available near Rs 5-6 of premium, I think that particular Call only can be written in BPCL. So even if Nifty recovers, we are not seeing that kind of recovery in this particular stock. In fact it can slip towards Rs 475 levels. So that is where 490 Call can be written in BPCL."

"Now Voltas had already moved up towards Rs 450 and then it has declined. So, if you see the pattern of Call writing, it was very high at Rs 415, now it is high at Rs 420 levels and the premium is somewhere around Rs 3-4. So, if somebody can ride that, I think for this expiry, only in couple of sessions you can make money in both of these strategies," he added.