Bharti Airtel - Bullish Pennant - Awaiting Breakout

Bullish pennant in an uptrend. Awaiting breakout.

After a month-long rally from 19 April 2020 to 15 March 2020, Bharti Airtel taking an 8-day breather and likely to continue higher.

Pennants look very much like a symmetrical triangle but are typically smaller in size, ( volatility ) and duration.

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Bharti Pennant breakout at 503. Stop-loss 484 ( Minor Swing Low )

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Applying covered call Strategy.
Short Bharti Airtel 570 CE at 19 while holding futures.

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Bharti Airtel... Target Reached.
Entry was at 505,
When the price reached 530, a covered call was applied, shorted 570 call at 19, which is 28 right now.

So either we can exit this trade at and what we get is,
505-585 = 80 Rs loss
19-28 = -9 Rs loss
What we get is 81 RS and it is 1:4 Risk Reward Ratio.

Because of covered call we don't get anything above 590. Even if Bharti goes to 650 our profit will be limited to 590 only, which is 85 Rs.

So 81 Rs is Our Target Achieved and Trade is Closed.
Risk/Reward Achieved is 1:4

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*** Huge Huge TYPO

505-585 = 80 Rs *Profit
19-28 = -9 Rs loss
What we get is 71 Rs. Profit, and it is 1:3.38 Risk Reward Ratio.