Long Zeel

Zeel has produced a fantastic quarter while the price action does not support this in the past few months due to ongoing proposed deal. But option writers can capitalize on this as the stock is bound to get immediate support at this price.
Selling 460 PE or 470 PE at 15 or 22.30 (markets closed)
Buying 480 CE or 490 Ce at 6.1 or 4
The hedging can be done by buying 420 PE by call writers
Resistance at 455-460 and 480-485 which is likely to be breached easily today. (470 is pseudo resistance)
Next resistance at 500-505 which is a 50:50 chance