Nokia (NYSE: NOK - option chain) shares are rising today after the company posted a third-quarter profit of 1.09 billion euros, or 0.29 euro per share. NOK's adjusted earnings of 0.33 euro per share met analysts' expectations. 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.

NOK opened this morning at $15.78. So far today the stock has hit a low of $14.70 and a high of $16.78. As of 12:35, NOK is trading at $15.88, up 0.77 (5.1%). The chart for NOK looks bullish and S&P gives NOK a positive 4 STARS (out of 5) buy ranking.

For a bullish hedged play on this stock, I would consider a January bull-put credit spread below the $12 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 an 11.1% return in just three months as long as NOK is above $12 at January expiration. Nokia would have to fall by more than 24% before we would start to lose money. Learn more about this type of trade here.

NOK hasn't been below $14 at all in the past year and has shown support around $15 recently.

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.