OPEC meeting turned uneventful and most of the decisions seem to be as expected. In the run-up to the meeting Oil has risen significantly and it is seen that the futures are showing an anomaly. We expect the Oil prices to fall.
The rates are:
July series : 4,496
August series : 4,481
We expect that the anomaly will correct and you can buy August future and sell July future. For each pair you can expect a Rs. 15 profit as the prices converge presenting an opportunity for atleast 2% profit on the overall strategy for a period less than 1 month.
The risk of the strategy is the prices diverging which is highly unlikely.