Buy Tata Steel 380 Put option: IIFL

Manoj Murlidharan Vayalar, IIFL PReMIA is of the view that one can buy Tata Steel 380 Put option.

Vayalar told CNBC-TV18, “Unfortunately these are the stocks we won’t be really tracking. The reason is when Nifty is on such a trajectory we are more or less concentrating on the large caps. As you said because the results have come in, so I would rather not get into these stocks but if it some like the big boys, let’s say Tata Steel and all somewhere close to 381-383 is a very good support. One that is breached we should be seeing at least a 16-18 odd points fall in that. So we are buying a put option on that as I said. Because we are entering into the expiry week and possible from Tuesday onwards we feel there would be some short holds which will get into the metal sector. So 380 put Option I guess is somewhere close to Rs 3 odd, so we are buying that with a stop loss of Rs 1 for a target of Rs 8.”