Seeking suggestion for Option(Call) Trading.

#1
I am interested to trade in OPTION - Call/Put. I have gone through a paper detailing tips of the Trading. But I need some specific reply. I have collected some old data from nsedatabase. Now, My Querry is :
(a) The Index on 06-Sep-07 was : High/Low stood - 4522.50/ 4445.55 ::
I wish to BUY on 06-Oct-2007 an In-the-Money-Call (Oct-4500-CE) at Rs.130/- with O/Interest at 3,24,250, Please suggest me, Can I hold the Call Option upto 25-Oct-2007 (sq.up date) and sell the same at Rs.1098/- with then O/Interest at 7,78,050 ? Another Qerry -
(b) In selling an option call of Nifty-5400-CE -
The Last traded price was : Rs.330
My Limit Order Price be : Rs.340, where to put the Stop Loss price?
In Buying an Option Call of Nifty-5600-CE -
The Last traded price was : Rs.140
My Limit Order Price be : Rs.142 where to put the Stop Loss Price?
I shall be much helped if any experienced Option Trader extend his valuable views please.
 

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