Board Jet Airways
The outlook for Jet Airways (₹479) has turned positive. The stock now appears set to rise sharply in the near term. A conclusive close above ₹508 will change the medium-term outlook also to positive. In that event, the Jet Airways shares can rise to ₹640. While immediate support appears at ₹416, a close below ₹361 will change the outlook to negative for Jet Airways.
Risk-averse traders can consider buying ₹480-call option that closed at ₹12.35. With market lot being 1,000 shares, one has to fork out ₹12,350 for this position. Exit the position if the position value rises to ₹22,000 or dips to ₹6,500.
Follow-up: Hold Bharti Infratel position.