ITC looks strong on weekly and monthly charts and one can look to take a swing position by going long on May futures @ 270 with a positional stop placed around 250 for targets of 290/310 in the coming weeks.
To hedge the trade we can add one of the below-mentioned ideas as per your capital and risk appetite.
1 : Buy 1 lot May 280 PE @ 14-16 and sell 1 lot 300 CE @ 4-5 break-even @ 280, max profit @ 60,000/- max loss @ 4000/- per lot.
2 : Sell 1 lot May 275 CE @ 10 -11 break-even @ 259, max profit @ 49,000/- max loss unlimited.
3 : Sell 2 lots May 290 CE @ 6.5 - 7 break-even @ 257 - 322, max profit @ 1,00,000/- max loss unlimited.
The idea shared is purely for educational purposes.