Trade M&M 1300 Call, says Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "Mahindra & Mahindra (M&M) was the outperformer, if you look at the start of November when the market started coming down from 8,150, this stock has started moving up from Rs 1,200 to Rs 1,400 or Rs 1,350 kind of levels. Now because of the adverse news flow what is happening on that diesel ban, all the stocks has started giving up.""It has given up most of the gains and we are seeing that possibly the range of Rs 1,200 to Rs 1,300 may pan out for some time. It may not give up substantially because the kind of outperformance it has shown before, I don’t see the whole gains will be given up by the stock but Rs 1,200 to Rs 1,300 may be the range. We have already seen the Call writers on the higher side active because I think the stock is there in the portfolio. What people are doing is that they are writing the Call options against the long holding. So, Rs 1,360 Call strikes were writing before and now we are seeing that 1,300 Call strike is getting written," he said."I think Rs 9-11 of premium also if you get in this particular strike you can ride this strike. So, we can recommend Rs 1,300 Call option writing to our clients for M&M at least for couple of weeks now for this expiry."