Buy GAIL India 460 Call, advises Krish Subramanyam

Krish Subramanyam, Co-Head, Equity Advisory at Altamount Capital told CNBC-TV18, "Buy a 460 Strike Call of GAIL India. This has actually seen some sort of correction and fallen around Rs 460 to Rs 445 now. Rs 440 has seen some decent Put writings, so I think the downside might be limited."

"One could possibly buy 465 Strike Call that is quoting at around Rs 4 keeping a target of Rs 8 and maybe one could keep a stop loss of Rs 2."

"A bear spread in Larsen & Toubro. L&T has not exactly participated and we have seen some selling pressure close to the levels of Rs 320. Today it has slipped below Rs 1,300. One could possibly do a bear spread - buy 1300 Strike Put and sell 1,260 Strike Put. So, the net cost comes to about Rs 13. So, one could gain maximum  about Rs 27 and also recommend a stop loss of Rs 6," he said.