Here's a Bull Spread Strategy on UPL by Nandish Shah of HDFC Securities

Short term trend of the stock is positive where stock price is trading above its 5- and 20-day Moving Averages

Bull Spread strategy on UPL

Buy UPL 530 CALL at Rs 18.55 & simultaneously sell 550 Call at Rs 11.55

Lot Size 1300
 

Cost of the strategy Rs 7 (Rs 9100 per strategy)
 

Maximum profit Rs 16900 If UPL closes at or above 550 till September expiry
 

Breakeven Point Rs 537

         

Rationale:

Long build up is seen in the UPL Futures’ where we have seen 4%(Prov) rise in the Open Interest with Price moving up by 4%.
 

The stock price has broken out on the daily chart where it closed at six months high, highest since 27 Feb.
 

The stock