The document outlines an expiry derivative strategy for BPCL that is bullish, with a maximum profit of Rs. 35940 and maximum loss of Rs. 7860. It recommends buying 600 BPCL December futures at Rs. 930 and selling 600 BPCL October call options at a strike price of Rs. 980 for a premium of Rs. 9.90. A pay-off table and chart are provided to illustrate potential profits and losses from the covered call strategy based on BPCL's closing price on expiry date of December 31, 2015.
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BPCL Derivative Expiry Strategy
1. Expiry Derivative Strategy
1st Dec 2015
SEBI Certified – Research Analyst Equities I Commodities I Currencies I Mutual Funds
View – Bullish
Max. Profit of Rs. 35940 Max. Loss Rs. 7860 at SL level of 907
Expiry Date - 31st Dec 2015
Future
BUY /
SELL
QTY SERIES TYPE Market Price
Buy 600 Dec Fut 930
Option
BUY /
SELL
QTY
STRIKE
PRICE
SERIES
OPTION
TYPE
Premium
Sell 600 980 Oct CE 9.90
BPCL : CMP 927 Covered Call Pay-Off Table
Pay off with Chart
P
R
O
F
I
T
/
L
O
S
S
* Please Refer Disclaimer on Websitewww.choiceindia.com
Margin as per requirement.
BPCL PAY-OFF
827.00 -93.10
847.00 -73.10
867.00 -53.10
887.00 -33.10
907.00 -13.10
927.00 6.90
947.00 26.90
967.00 46.90
987.00 59.90
1007.00 59.90
1027.00 59.90
-120.00
-100.00
-80.00
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
827.00 847.00 867.00 887.00 907.00 927.00 947.00 967.00 987.00 1007.00 1027.00
2. Expiry Derivative Strategy
1st Dec 2015
SEBI Certified – Research Analyst Equities I Commodities I Currencies I Mutual Funds
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Vikas Chaudhari
Digitally signed by Vikas Chaudhari
DN: cn=Vikas Chaudhari, o=Choice Equity Broking Pvt Ltd,
ou=Research Department,
email=vikas.chaudhari@choiceindia.com, c=IN
Date: 2015.12.01 14:49:52 +05'30'