Buy IDFC 130 put, says Hemant Thukral

Buy IDFC 130 put for Rs 3.50, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.

Thukral told CNBC-TV18, "IDFC has seen fresh shorts being added up. Again on the post results the stock could not cross major resistance, Rs 140-142 has actually started coming down. What we see is that if it breaks below Rs 130 level then it can give you a very good correction till Rs 120-122. So keeping in mind that Friday fresh shorts have been there, we are recommending a very plain vanilla strategy to buy 130 put of IDFC for Rs 3.50 keep a stop loss of Rs 1.70-1.60 on the option pricing itself for a target of Rs 5-6 because if it goes below Rs 130 we see the option price go upto at least Rs 556."
The share touched its 52-week high Rs 167.00 and 52-week low Rs 90.25 on 06 Apr, 2011 and 02 Jan, 2012, respectively. Currently, it is trading -19.91% below its 52-week high and 48.2% above its 52-week low. Market capitalisation stands at Rs 19,582.09 crore.