Nokia (NYSE: NOK) shares are trading higher today after the company unveiled three new mobile handsets. The new phones will begin shipping in the third quarter. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on NOK.

After hitting a one-year low of $24.42 in May, the stock hit a one-year high of $42.22 in November. NOK opened this morning at $29.13. So far today the stock has hit a low of $28.95 and a high of $29.68. As of 1:45, NOK is trading at $29.57, up 84 cents (2.9%). The chart for NOK looks bearish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a July bull-put credit spread below the $22.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 16.3% return in just five and a half months as long as NOK is above $22.50 at July expiration. Nokia would have to fall by more than 33% before we would start to lose money. Learn more about this type of trade here.

NOK hasn't been below $24 at all in the past year and has shown support around $28 recently. This trade could be risky if the company's next earnings (due out in mid-July) disappoint, but even if that happens, this position could be protected by the support the stock might find around $28, where it has found support over the past few weeks.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in NOK.