Buy JSPL July futures, sell 340 Call: Krish Subramanyam

Krish Subramanyam of Asit C Mehta Invst Intermediates is of the view that one may buy Jindal Steel & Power July futures at around Rs 334 and correspondingly sell a 340 strike call at around Rs 16.

Krish Subramanyam of Asit C Mehta Invst Intermediates told CNBC-TV18, "The metal counter has been showing good momentum and Jindal Steel & Power  (JSPL) has also been relatively stronger script in the segment in the last few weeks. So we feel that it could catch up in trades in the coming sessions."

"We are recommending a covered call strategy on JSPL, buying of July futures at around Rs 334 and correspondingly sell a 340 strike call at around Rs 16. We are keeping a target of Rs 350 and a stoploss of Rs 325," he added.

Disclosure: Analyst has recommended the strategy to his clients at large.

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