Buy Tata Steel 380 put with stop loss at Rs 4: Sharma

VK Sharma of HDFC Securities recommended buying Tata Steel 380 put with a stop loss at around Rs 4.
 
Sharma told CNBC-TV18, “Fundamentally you have to be bullish on Tata Steel because of the new capacities that will come up in the near future. But the fact that the minutes of FOMC have painted a picture which is bleak for the metals sector as per se, so my sense is that I should be buying Tata Steel 380 put. It closed at around Rs 7. Put a stop loss at around Rs 4 and hope to sell this at around Rs 10.”
 
“Similarly, I think buy Jindal Steel and Power 360 put at Rs 4, keeping a stop loss at Rs 2 and hoping to sell it at Rs 10,” Sharma added.