Krish Subramanyam advises bull spread strategy in MM Fin

Krish Subramanyam of Asit C Mehta Invst Intermediates recommends a bull spread strategy in Mahindra & Mahindra Financial Services wherein one may buy 1160 strike call at around Rs 45 and correspondingly sell at 1220 strike call at around Rs 22.

Krish Subramanyam of Asit C Mehta Invst Intermediates told CNBC-TV18, "After the heavy correction that we saw last week in Mahindra & Mahindra Financial Services , we are seeing some sort of short covering emerging. So we are recommending Bull Spread strategy that is buying of 1160 strike call at around Rs 45 and correspondingly sell at 1220 strike call at around Rs 22. So the net cost comes to about Rs 23. We are keeping a target of Rs 45 and a possible stoploss of Rs 11."

At 13:50 hrs Mahindra & Mahindra Financial Services was quoting at Rs 286.25, up Rs 4.50, or 1.60 percent. It has touched an intraday high of Rs 288.35 and an intraday low of Rs 281.

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

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