Buy Idea Cellular 155 Put, sell 140 Put: VK Sharma

VK Sharma of HDFC Securities told CNBC-TV18, "Looking at the headwinds which are going to now face the telecom sector, my sense is that these stocks have a further room to fall."

"Looking at the kind of data that we saw in Bharti Airtel as well as Idea, shorts have happened and the target is still lower. So I will buy Idea Cellular 155 Put which was quoting at around Rs 4.5 and sell 140 Put at Rs 1.5, so this will be a bear spread. The maximum profit would be Rs 7 and the cost would be Rs 3," Sharma said

At 10:55 hrs Idea Cellular was quoting at Rs 152.75, down Rs 3.30, or 2.11 percent.

The share touched its 52-week high Rs 188.35 and 52-week low Rs 107.45 on 15 October, 2013 and 08 April, 2013, respectively.