Buy GAIL India 370 Call: VK Sharma

VK Sharma of HDFC Securities told CNBC-TV18, "I have a bearish call on JSW Steel. The stock's open interest went up by 3 percent but went down in the market by 5 percent. I am suggesting buying 880 Put, not at the price of Rs 42, where it closed yesterday but should the price rise the premium could come down to around Rs 35 and at that point of time you should buy the Put. The target would be at Rs 50 and stop loss would be Rs 28.

"In GAIL India, I am buying the call. So one of those rarer stocks where the open interest was built on the longer side and it also marginally moved up by 1 percent. So buying 370 Call at around Rs 10 with a stop loss at Rs 6 at the target of Rs 18 could be in order for the current series," he said.