I'm mostly a positional trader when it comes to stocks so i tend to look at charts on the daily/weekly TF. Here is a chart of Bharat forge. A lot of damage has been done with the stock falling from 1300 to 900. Presently, stock is taking support at previous low made in Jan 2015.
Price/volume divergence telling that much of the selling is done with and the stock could bounce, specially if the earnings turn out well. However, I would not want to buy it now so will wait for a good pullback towards the support zone. Also, buying futures is not making sense for this trade as Im looking at this trade from a 2-3 month perspective. So maybe buying 1050 calls for December is a better idea. Risk will limited to the premiums I put down.