Buy IDFC 40 Put, Power Grid: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "This has been one quarter which has seen enormous amount of shorts in IDFC in the last couple of days and we are also seeing some serious breaching of level, so a near term trade could be taken. One could buy in the money put 40 strike and that is quoting at around 3. We are keeping a target of Rs 6 and a stop loss of Rs 1.25.""We have seen enormous amount of shorts taken place in Hindalco Industries but currently one could see some sort of a range coming about. So since the volatility is high and premiums are also rich, one could sell a strangle, may be 57.5 Put that is quoting around Rs 2 and sell 65 strike call that is quoting around Rs 1.5. So, the total inflow comes to about 3.50. One could keep a target of Rs 1.50 and stop loss of Rs 4.25," he said."Power Grid Corporation of India is one of the counters which have given positive strength to the index in an otherwise very turbulent market. Overall, the market is looking highly vulnerable but any bounce, the stock should see some strength coming about. One could buy this for a positive target of Rs 143 and keep a stop loss of Rs 138."