Buy Idea Cellular future, Sell 135 Call: Krish Subramanyam

Krish Subramanyam of Asit C Mehta Investment told CNBC-TV18, "We have seen all the telecom stocks getting some huge hammering in the February series. But, we have seen some sort of short covering emerging. Idea Cellular in particular around Rs 125 levels seems to be holding on. So, probably we could expect some sort of short covering, uptrend in the coming series."

"Correspondingly we are giving some sort of covered calls strategy – buy of Idea Cellular Futures at around Rs 131 and sell 135 strike call quoting at around Rs 3.50 for a possible target of 139 and keep a stoploss of 127," he said.