United Spirits (₹2,685): The long-term outlook will remain positive for United Spirits as long as it stays above ₹2,310. After the recent sharp fall triggered by the open offer, the stock saw a pull back in the short term.

The stock finds immediate support at ₹2,557 and resistance at ₹ 2,855. A close above the resistance can take United Spirits to new highs, surpassing its all-time high at ₹2,940.80. The stock could reach the ₹3,450-3,500 levels.

F&O pointers: Due to the open offer, which closed last Thursday, the June and July futures are quoting at a deep discount to the spot price.

This will get adjusted once the unaccepted shares come back into the system by July 4.

If the acceptance ratio is high, which will be revealed in the next few days, the stock could see a fall immediately. Option trading indicates a range of ₹2400 to ₹2700 for the stock.

Strategy: Traders can consider a bull calendar spread on United Spirits. This can be initiated by selling ₹2,700-call of the current series while simultaneously buying the ₹2700-call of July series.

They closed at a premium of ₹25.95 and ₹29.80 respectively.

This will entail an initial outgo of ₹481, which will be the maximum loss in this strategy. Profit is unlimited if United Spirits moves sharply, that too in July.

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