Here we can see, Axis Bank formed a bearish divergence on MACD.By which,it has corrected from its all time highs.Currently as per dow theory,Axis bank is making lower low s and lower highs on Daily Chart .We can expect Axis bank to reach at 660-675 levels.However be aware that Axis Bank is in uptrend on weekly chart,it can anytime resume its upward flow.We can think of selling calls above its swing high i.e 792.As per its current IV(which is high as per current market) , we can think of selling calls above 792..i.e 800 strike calls.I recommed to use only 3 percnt of capital.As per LTP of Axis Bank -30-05-2019 800 CE LTP 7.40, we can get 6.43 % gross return on our margin employed. Also,start covering your position at 80% profit(premium decay) or limit your loss if daily candle closes above 779. Rest ,i will update as per its chart i.e when to readjust,when to change our view then what and how to sell.
HAPPY TRADING.
HAPPY TRADING.